Kuwait reaps profit on Citigroup share sale

Published: 10:52AM Monday December 07, 2009 Source: ONE News

A Kuwaiti investment firm has sold its stake in US banking giant Citigroup, making a $US1.1 billion profit, according to AFP.

The Kuwait Investment Authority (KIA) bought $US3 billion of shares in January 2008 amid the sub-prime mortgage crisis in the US.

It has now sold those shares for $US4.1 billion ($NZ5.7 billion).

KIA's assets are reportedly worth around $US230 billion ($321 billion).

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