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Mon 15 Mar 2010 11:24 PM

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Saudi's Alwaleed happy with Citigroup stake

Investor thinks that bank is 'on the right track' and that good days are to come.

Prince Alwaleed bin Talal, a prominent Saudi investor in Citigroup said on Monday he thought the bank was on the right track and he was happy with the stake his holding company now owns.

The nephew of Saudi King Abdullah owns 95 percent of Kingdom Holding Co whose stake in Citigroup is among its most prized assets.

Speaking to reporters, Alwaleed said: "I think Citi is on the right track and the improvement is already reflected in the share price."

Asked if he had plans to increase his stake in Citigroup, he said: "We are happy with what we have."

Alwaleed has repeatedly expressed his support of Citigroup chief executive Vikram Pandit whom Alwaleed has said faces a make or break year.

Alwaleed said: "The good days of Citi are yet to come, they are coming."

Asked whether 2010 would be a profitable year for the bank, he said: "I should hope so, yes." (Reuters)

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