KUWAIT CITY – Kuwait Investment Authority (KIA), investment fund management institutions emirates, to sell stake in U.S. bank giant Citigroup to take advantage abundant.

KIA bought $ 3 billion in Citigroup preferred stock in January last year. Fund management institutions to transfer the preferred stock into common stock and sell it for $ 4 total, 1 billion.

Excerpted from the AP on Monday (7/12/2009), the agencies of foreign investment managers Gulf countries Arabic is a huge investor in U.S. companies and Europe. They use the results from oil sales to purchase shares of large companies, from Citi to Volkswagen AG and Mercedes-Benz.

Kia joined the big investors, including Government of Singapore Investment Corp. and Prince Alwaleed bin Talal of Saudi Arabia, to inject $ 12, 5 billion into Citi in January 2008. At that time, the bank is trying to rise due to the falling value of the mortgage.

At the same time as the KIA to invest in Citi, the agency bought $ 2 billion stake in Merrill Lynch, which also requires funds from the credit crisis.

Merrill was later bought by Bank of America Corp., which last week surprised investors by paying back the money USD45 billion bailout from the federal governmen