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Alwaleed comes to Citi rescue for a second time

Saudi Prince Alwaleed bin Talal said he is among investors helping Citigroup Inc, which posted its first quarterly loss since its creation in 1998, to raise $12.5 billion in convertible preferred securities.

The investment is a “continuation of his strong support of Citigroup, and belief in its long-term success and profitability”, the prince said in a statement on Tuesday.

The royal, a nephew of Saudi King Abdullah, is Citigroup’s largest individual shareholder, owning 3.6 percent of the biggest U.S. bank by assets through Kingdom Holding, which he controls. He owns 95 percent of the Riyadh-based firm.

P.J. Shoucair, Kingdom Holding’s executive director for international investments, said the firm is not taking part in raising funds for Citigroup because it does not fit its investment strategy.

Prince Alwaleed “in his personal capacity participated in the private fund raising,” Shoucair said in an email to Reuters. “The Prince remains confident in Citigroup’s future,” he said.

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