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Financials

Saudi Alwaleed says happy with Citigroup stake

CAIRO, March 15 (Reuters) - Prince Alwaleed bin Talal, a prominent Saudi investor in Citigroup C.N said on Monday he thought the bank was on the right track and he was happy with the stake his holding company now owns. The nephew of Saudi King Abdullah owns 95 percent of Kingdom Holding Co 4280.SE whose stake in Citigroup is among its most prized assets.

“I think Citi is on the right track and the improvement is already reflected in the share price,” Alwaleed told reporters.

Asked if he had plans to increase his stake in Citigroup, he said: “We are happy with what we have.”

Alwaleed has repeatedly expressed his support of Citigroup chief executive Vikram Pandit whom Alwaleed has said faces a make-or-break year. “The good days of Citi are yet to come, they are coming,” Alwaleed said.

Asked whether 2010 would be a profitable year for the bank, he said: “I should hope so, yes.” (Reporting by Alexander Dziadosz; Editing by Dan Lalor)

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