Sovereign wealth fund Kuwait Investment Authority has reported selling shares of troubled bank Citi, which it got in January 2008 for $4.1bn. Selling the shares allowed the fund to book a hefty $1bn profit or a 37% return to the investment it made back in 2008. Originally bought as preferred shares, the announcement did not include details as to when the shares were converted to common shares.
This comes amid plans of the bank to return the money it got from US taxpayers.
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