Kuwait SWF sells Citi stake for $1.1 bn profit

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Kuwait Investment Authority (KIA), the kingdom's sovereign wealth fund, said on Sunday that it had sold its stake in Citigroup, a bank, for $4.1 billion.

KIA said in a statement that it converted Citigroup's preferred stock, purchased for $3 billion last year, into common shares, making a $1.1 billion profit.

In September, the Government of Singapore Investment Corporation (GIC) halved its share in Citigroup, cutting it to less than 5%, citing the desire to be a "portfolio investor." That sale r

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