Business | Banking
DIC says Citi has not approached it for money
Citigroup received $7.5 billion in November from Abu Dhabi's sovereign wealth fund after record mortgage losses wiped out almost half the company's market value.
- Staff Report
- Published: 01:24 March 7, 2008
Dubai: Dubai International Capital (DIC), the international investment arm of Dubai Holding, yesterday said it has not been approached by Citigroup for money.
In an e-mailed statement, DIC said: "We have not been privy to any non-public information about the company (Citi), neither has Citi approached Dubai International Capital for a capital raise."
Citigroup received $7.5 billion in November from Abu Dhabi's sovereign wealth fund after record mortgage losses wiped out almost half the company's market value. In January, the US lender said it was expecting a further $14.5 billion cash injection from Singapore and Kuwait.
DIC's chief executive officer Sameer Al Ansari told a private equity conference on Tuesday that Citigroup will need a lot more than that.
"It [Citigroup] will take a lot more than that to rescue Citi and other financial institutions," Al Ansari was quoted as saying on Tuesday.
The DIC statement said: "Dubai International Capital has never expressed an opinion on the investment merits or financial condition of Citi. Dubai International Capital maintains an ongoing relationship with Citi and has substantial respect for the company."
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