Citigroup to sell stake in Saudi partner

Citigroup to sell stake in Saudi partner
By David Wighton in New York and Doug Cameron in London
Published: May 28 2004 5:00 | Last Updated: May 28 2004 5:00

Citigroup, the world's largest financial services group, is ending its direct presence in Saudi Arabia after nearly 50 years by selling its 20 per cent stake in Samba Financial Group.

The sale, on which Citigroup will make a gain of $760m, follows the ending of the group's management contract with the Saudi bank last October.

A Citigroup spokeswoman denied the move reflected any political or security concerns about doing business in Saudi Arabia and said it was looking at other opportunities in the region.

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http://news.ft.com/servlet/ContentServer?pagename=FT.com/StoryFT/FullStory&c=StoryFT&cid=1084907888888

along with Disney, buyout the Saudi Royal family holdings in their
businesses? Hmmm?