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Mon 6 May 2013 09:30 PM

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Alwaleed says Citi split-up "completely dead"

Citigroup posted a 30 percent increase in first-quarter net profit in April

Alwaleed says Citi split-up "completely dead"

A potential split-up of the operations of US bank Citigroup Inc is now "completely dead," Saudi prince Alwaleed bin Talal, the bank's largest individual shareholder said in an interview on Monday.

"The idea of splitting Citi is now dead completely. The latest results of Citigroup were the best among the banks," Prince Alwaleed, who holds the stake through his investment firm Kingdom Holding told Reuters.

The Saudi prince said the conservative strategy of Citigroup Chief Executive Mike Corbat was beginning to reflect in the bank's financial results.

Citigroup posted a 30 percent increase in first-quarter net profit in April, beating analysts forecasts as the No.3 US bank generated more money from underwriting stock issues and advising companies on mergers.

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