The Kuwait Investment Authority has held internal discussions about scaling back its banking relationship with Citigroup in a move that could include transferring funds currently deposited with the US bank. A withdrawal of KIA funds from Citi would hit the bank as it seeks to repay US bail-out funds. KIA’s deliberations have taken place in recent months while it has been selling Citi shares acquired in January 2008. KIA said on Sunday it had completed the sale of its stake for $4.1bn, making a profit of $1.1bn.

This entry was posted by Gwen Robinson on Thursday, December 10th, 2009 at 4:53 and is filed under Capital markets. Tagged with citi, kia. Edit this entry.