Kuwait has brought on Citigroup, Inc (NYSE: C), Ernst & Young, and Seabury, an aviation service firm, to handle the privatization of the country’s national carrier, Kuwait Airways.
State news agency KUNA quoted a state committee on Wednesday saying that the contracts with Citigroup, Inc (NYSE: C) and the two other companies will be signed in the next couple of weeks. The country’s parliament approved a plan in 2008 to privatize Kuwait Airways Corp under a plan which will sell 40% of the carrier to the public and 35% to a long-term investor.
Kuwait, the world’s largest export of oil, hopes to boost its private sector and become a regional financial center. Currently the economy in Kuwait is dependent upon oil revenue and government spending.
Citigroup Inc. (Citigroup) is a global diversified financial services holding company. The Company provides consumers, corporations, governments and institutions with a range of financial products and services. As of December 31, 2009, Citigroup had approximately 200 million customer accounts and did business in more than 140 countries. Citigroup operates through two primary business segments: Citicorp, consisting of its Regional Consumer Banking (RCB) businesses and Institutional Clients Group (ICG), and Citi Holdings, consisting of its Brokerage and Asset Management (BAM), Local Consumer Lending (LCL), and Special Asset Pool (SAP). In April 2010, Barclays PLC acquired Italian credit card business of Citibank International Bank plc. In May 2010, the Company announced the creation of a new Collateral Management Services unit within its Securities and Fund Services business.
Shares of Citigroup, Inc (NYSE: C) traded down 0.98% on Friday ending at $4.06 for the day.
