Middle East Economic Survey
Citigroup To Sell Samba Stake
Citigroup said on 27 May that it would book a $750mn gain from an agreement to sell its 20% stake in Saudi Arabias Samba, which was formerly known as the Saudi American Bank, to Saudi Arabias state-owned Public Investment Fund. The move was widely anticipated after Citigroup withdrew from management of the bank in September last year. The bank has gradually reduced its holdings since...