Feb 08 2012 |
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Alwaleed meets Citigroup's CEO on bank's future plans
JEDDAH - Prince Alwaleed Bin Talal, Chairman of Kingdom Holding Company ( KHC ), met with Vikram Pandit, CEO of Citigroup at The Plaza Hotel in New York Saturday during his trip to the US.Alwaleed and Citigroup's CEO discussed the latest developments in Citigroup and future plans of the company. Furthermore, the Prince reaffirmed his support of Pandit and Citigroup's management.
In 2010, Alwaleed received at his office in Riyadh Pandit during his visit to Saudi Arabia and hosted a luncheon for his guest at Kingdom Resort. Also in the same year, Alwaleed was received by. Pandit at Citigroup Headquarters in New York.
Alwaleed is a prominent investor in Citigroup through KHC since 1991 and is the largest single shareholder in the company.
In January 2008, Alwaleed participated in a $12.5 billion private offering of convertible preferred securities of Citigroup. The new direct investment was made alongside an exclusive group of leading international investors. The Prince converted the preferred shares in 2009 into common shares (voting shares).
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