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Abu Dhabi buys stake in Citigroup

The Abu Dhabi Investment Authority has acquired a 4.9% stake in Citigroup, America's largest bank, for $7.5bn, reported Gulf News. Through this deal Abu Dhabi displaces Saudi Prince Alwaleed Bin Talal as Citi's largest shareholder. Currently, Alwaleed holds a 3.97% stake worth an estimated $6bn.