DUBAI — Saudi Arabian investor Prince Alwaleed bin Talal bin Abdulaziz Al Saud said Thursday he will increase his holdings in Citigroup Inc. back to 5%, adding that he supports the banking giant's management.
This follows a series of capital infusions into Citigroup that have increased the tier-one capital ratio to above 10%, Prince Alwaleed said in an emailed statement. His holdings are currently less than 4%, according to the statement.
Prince Alwaleed expressed "his full and complete support to Citi management, led by Vikram Pandit, and believes they are taking all necessary steps to position the company to withstand the challenges facing the banking industry and the global economy," according to the statement.
Citi has raised $50 billion in private capital, in addition to the $25 billion that the U.S. government has provided under the TARP program, the statement said.