Excerpt from: Individual Equities CFDs and Spread Bets
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| November 20, 2008 | | Prince Alwaleed to increase his stake in Citi | Citi (C) is one of those individual equities that has sunk rather low in recent months. Once a Wall Street darling and favorite, it is amongst those once-venerable stocks that are now trading in single digits.
However, there could be some hope for Citi on the horizon. Saudi Prince Alwaleed plans to increase his current stake in Citi to 5% in a show of confidence, reports The Street:
In a press release issued Thursday, the prince said he supported
Citigroup CEO Vikram Pandit and that he's "fully confident that
Citigroup's universal banking model and global franchise will make it a
long-term winner in the financial services industry."
It remains to be seen whether this really will help Citi, but the Saudi prince has plenty of capital to inject, and it may keep Citi afloat until this financial crisis is over and the company regains its footing.
| Topic Tags: C, individual equities, Prince Alwaleed, Saudi Citi, Saudi prince, spread bets Citi, spread betting stock market, Wall Street | |
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