Feb 06 2012 |
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* Prince Alwaleed: Citi To Return Capital Imminently -- CNBC
Monday, Feb 06, 2012
(MORE TO FOLLOW) Dow Jones Newswires
06-02-12 2138GMT
Prince Alwaleed: Citi To Return Capital Imminently - CNBC
Monday, Feb 06, 2012
By Matthias Rieker
Of DOW JONES NEWSWIRES
NEW YORK (Dow Jones)--Prince Alwaleed bin Talal, one of Citigroup Inc.'s (C) largest shareholders, said he expects the bank to return capital to shareholders soon.
If Citi won't increase its dividend from a penny this year, he will give Citi Chief Executive Vikram Pandit a polite call to demand a hike, he said in a CNBC interview.
Prince Alwaleed, who runs investment firm Kingdom Holding Co. (4280.SA), said he had a conversation with Pandit late last week and that the bank is "doing very, very well." Prince Alwaleed had invested in Citi decades ago when Citi struggled to survive, and stuck with the bank through the most recent financial crisis when Citi required $45 billion in government aid and massively diluted the ownership of its shareholders.
Banks have submitted their capital plans to regulators earlier this year, and Pandit has long said he expects to return capital in form of a dividend increase or share buybacks this year. Prince Alwaleed said the decision is "imminent."
Prince Alwaleed's Kingdom Holding also owns a stake in News Corp. (NWS), the owner of Dow Jones & Co., which publishes Dow Jones Newswires and The Wall Street Journal.
-By Matthias Rieker, Dow Jones Newswires; 212-416-2471; matthias.rieker@dowjones.com
(END) Dow Jones Newswires
06-02-12 2209GMT
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