Prince Alwaleed Plans To Increase Stake In Citi (C) Back to 5%

Prince Alwaleed announced plans this morning to increase his stake in Citi (NYSE: C) back to 5%.

Below is a copy of his release:

HRH Prince Alwaleed and his Companies Plan to Increase Their Stake in Citi back to 5%

Following the Series of Capital infusions into Citigroup which has increased the tier 1 capital ratio to above 10%, the combined stake currently stands at less than 4%

Prince Alwaleed began buying Citi Shares as he strongly believes that they are dramatically undervalued.

HRH Prince Alwaleed Bin Talal Bin Abdulaziz, Chairman of Kingdom Holding Company (KHC), expresses his full and complete support to Citi Management, Led by CEO Vikram Pandit, and believes they are taking all the necessary steps to position the company to withstand the challenges facing the banking industry and the global economy.

Prince Alwaleed is fully confident that Citigroup's universal banking model and global franchise, will make it a long term winner in the financial services industry.

Citigroup has raised $50 billion in private capital, in addition to the $25 billion that the US government has provided under the TARP program. Citigroup has also disposed the Legacy assets, reduced it's exposure to toxic assets, and has announced substantial cost cuts.

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