Prince Alwaleed reaffirms support for Citi's Pandit
Prince Alwaleed bin Talal, a prominent Saudi investor in Citigroup, yesterday met bank's chief executive Vikram Pandit and reiterated his support to him and the bank's management.
Alwaleed and Pandit "discussed economic issues and the latest developments in Citigroup", the statement said, adding that Citi's CEO also met Saudi Arabia's Finance Minister Ibrahim Al Assaf and the head the central bank of the Arab world's largest economy Muhammad Al Jasser in Riyadh.
Last month, the Saudi billionaire told Fox Business that 2010 was the year Citi Chief Pandit had "to deliver" results and that shareholders had already given the US bank two years to turn it around. In 2006, Alwaleed grew impatient with the US bank's former CEO Chuck Prince complaining that the bank's costs were rising faster than its revenue. Pandit replaced Prince in 2007.
Keep up with the latest business news from the region with the Emirates Business 24|7 daily newsletter. To subscribe to the newsletter, please click here.
Follow Emirates 24|7 on Google News.