Kuwait sells Citi stake, makes $1.1bn profit

Kuwait's sovereign wealth fund said on Sunday it had sold its stake in US bank Citigroup making $1.1 billion in profit.

Kuwait Investment Authority (KIA) has transferred the preferred stocks it owned in Citigroup to normal stocks and sold all of them for $4.1bn, KIA said in a statement on Sunday. Kuwait's sovereign wealth fund, which manages state assets in the world's fourth-biggest oil exporter, has come under fire from some parliamentarians for investing $5bn in Citigroup and Merrill Lynch. Merrill has since been bought by Bank of America.