Printer Friendly

CITIBANK REDUCES OWNERSHIP INTEREST IN SAUDI AMERICAN BANK

 CITIBANK REDUCES OWNERSHIP INTEREST IN SAUDI AMERICAN BANK
 NEW YORK, Jan. 9 /PRNewswire/ -- Citibank, N.A., confirmed today that shortly before year-end it sold 600,000 shares of its 2.4 million shareholding in Saudi American Bank (SAMBA) to two major social welfare agencies of the Kingdom of Saudi Arabia.
 Management of both SAMBA and Citibank affirmed that the strong partnership between the two institutions is unaffected by Citibank's reducing its ownership interest from 40 percent to 30 percent, according to Paul Collins, vice chairman of Citibank and its holding company, Citicorp. He said, "Citibank highly values its long and fruitful presence in the Kingdom and particularly with SAMBA, whose business has shown substantial growth. We intend to retain our 30 percent interest in SAMBA and to remain responsible for its management in accordance with the terms of the ongoing management and technical services agreement. With the continued close and active support of SAMBA's board of directors, we plan to continue building SAMBA's business for the benefit of all its shareholders."
 Collins stressed that Citibank's active presence in the Kingdom remains an integral part of the bank's regional and global strategy to expand its core businesses.
 At the same time, Abdulaziz Al-Gosabi, SAMBA chairman, affirmed, "With Citibank's management, SAMBA has been able to develop into one of the foremost and most profitable banks in the Middle East. Its performance for 1991 is expected to attain record levels, with net income of about SR 750 million (equal to about $200 million), an increase of more than 40 percent over the previous year. Significant accomplishments have also been made in building a strong bank with a solid balance sheet and high quality assets."
 -0- 1/9/92
 /CONTACT: John M. Morris of Citibank, 212-559-4285/
 (CCI) CO: Citibank, N.A.; Saudi American Bank ST: New York IN: FIN SU:


GK -- NY020 -- 8125 01/09/92 10:13 EST
COPYRIGHT 1992 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1992 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Jan 9, 1992
Words:315
Previous Article:BARNETT EARNINGS INCREASED 85 PERCENT IN 1991
Next Article:HOUSTON INDUSTRIES DECLARES DIVIDEND
Topics:


Related Articles
CITIBANK ANNOUNCES RESTRUCTURING OF CORE BANKING ACCOUNT; ADDS FOUR NEW PREFERRED PRICING OPTIONS: REDUCES MINIMUM AVERAGE BALANCE REQUIREMENT
Banks seek to soak up liquidity.
CITIBANK CEO BEACON COUNCIL CHAIR-ELECT; WILL BECOME CHAIRMAN FOR FY 1994-95
Gulf banking poised for growth.
LOBBYING FOR END OF DIRECT STUDENT LOAN PROGRAM EARNS CITIBANK "HOG OF THE MONTH" AWARD
LOBBYING FOR END OF DIRECT STUDENT LOAN PROGRAM EARNS CITIBANK 'HOG OF THE MONTH' AWARD
Citibank goes Islamic.
Etisalat to connect Citibank UAE operations with its Managed WAN service.
CI affirms SAMBA's ratings.
CI affirms Samba ratings.

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters