Prince Alwaleed bin Talal, chairman of Kingdom Holding Company (KHC), congratulated Mike Corbat, CEO of Citigroup, on the company’s Q2 results, which show a net income of $3.9 billion (SR14.6 billion), an increase of 25 percent, and an increase of earnings per share to $1.25 versus $1 in Q2 2012.

Prince Alwaleed is a prominent investor in Citigroup through KHC, which operates in over 160 countries in the world since 1991 and is the largest single shareholder in the company.

In January 2008, Prince Alwaleed participated in a $12.5 billion private offering of convertible preferred securities of Citigroup. The new direct investment was made alongside an exclusive group of leading international investors. The prince converted the preferred shares in 2009 into common shares (voting shares).

In March 2013, Prince Alwaleed received Corbat at his office in Riyadh when they discussed the latest developments in Citigroup and future plans of the company. Prince Alwaleed hosted a dinner in honor of Corbat and his wife at Kingdom Resort.