RIYADH, (Reuters) – Prince Alwaleed bin Talal, a prominent Saudi investor in Citigroup, on Sunday re-affirmed his support for the bank’s chief executive, Vikram Pandit, who he has said faces a make-or-break year.
“Prince Alwaleed … was received by … Pandit at (Citigroup) headquarters in New York on Jan. 14,” Alwaleed’s Kingdom Holding Co said.
“(Alwaleed) and Pandit discussed the latest developments in Citigroup and future plans of the company. During the discussions, the Prince re-affirmed his support of Mr. Pandit and Citigroup’s management,” it added.
The billionaire royal, a nephew of Saudi King Abdullah, told Fox Business Network that Pandit must deliver in 2010, which he described as being a make-or-break year for the CEO.
Alwaleed grew impatient with Citigroup Chief Executive Chuck Prince in 2006, complaining about the fact that the bank’s costs were rising faster than its revenue.
Prince stepped down as CEO in 2007 as the bank’s writedowns mounted. Alwaleed owns 95 percent of Kingdom Holding.