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Gulf investors not enough to rescue Citigroup: DIC

By Agencies


Gulf investment agency Dubai International Capital (DIC) said on Tuesday it would take "a lot more money" to rescue Citigroup Inc following investments from Abu Dhabi, Kuwait and Saudi Arabia's Prince Alwaleed.

Sameer Al Ansari, chief executive officer of the investment agency was asked by Reuters what it would take to rescue the bank.

Dubai International Capital, which manages about $13 billion of assets, has invested in HSBC Holdings Plc and India's ICICI Bank.

"It's going to take more than that to rescue Citi," he had earlier told a private equity financial conference.

The Abu Dhabi Investment Authority, a sovereign wealth fund owned by the world's fifth-largest oil exporter, last year bought a 4.9 per cent stake in Citigroup, which has been hammered by write-downs linked to the US subprime mortgage crisis.

The Kuwait Investment Authority said in January it would invest $3 billion in Citigroup.

Citigroup suffered a record $9.83 billion fourth-quarter loss tied mainly to mortgage write-downs. (Reuters)