Financial and Banking News
Citibank Sells 10% of Saudi American to State-Owned Organizations
Citibank's sale of a 10% share in Saudi American Bank (Samba) was completedjust before the end of the year, so the proceeds should be available to boostCitibank's fourth quarter figures. The sale price was $280mn, implying a priceper share of $467 (SR1,750) against a book value of SR100. If Citibank has beenvaluing the shares at SR100 each in its own...