Prince Alwaleed stands by Citi as profit nosedives

Prince Alwaleed is Citigroup's largest shareholder. (Getty Images)

Saudi Prince Alwaleed bin Talal, Citigroup's largest individual shareholder, said the US bank's warning of a 60% fall in third-quarter profit was a "mere hiccup" and would recover in the fourth quarter.

"Citi's strategy to grow and cut costs such as reducing payroll is clear," Prince Alwaleed said in a statement through his Kingdom Holding.

"With this hiccup out of the way, our journey with Citi will continue because we remain loyal and committed to it," the prince said.

Alwaleed, who bought a $550 million stake in what was then Citicorp in the early 1990s, said he owns 3.6% of Citigroup.

"Citi has demonstrated outstanding record success in this year's first-half results and we continue to believe in Citi's long-term strategy for growth, and expect a normalised fourth quarter," he said.

Citigroup accounts for 46.6% of Kingdom Holding's portfolio. Shares of Riyadh-listed Kingdom Holding were down 2.4% at 10 riyals by 1122 GMT.

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