KIA Announces Participation in Citi Group and Merrill Lynch

Kuwait Investment Authority (KIA) announced that it agreed to a US$ 3 billion participation in the US$ 12.5 billion Citi Group Convertible Preferred Securities and US$ 2 billion participation in the US$ 6.6 billion Merrill Lynch Convertible Preferred Stock.

As a long term financial investor, KIA believes that the markets currently provide attractive investment opportunities in the financial sector.
Kuwait has the oldest Sovereign Wealth Fund in the world. It started as the Kuwait Investment Board in London in 1953. KIA in Kuwait was established as an autonomous government body responsible for the management of the assets of the country.
The KIA’s main role is to transfer a single non recurring asset, which has a high volatility and risk, into a diversified portfolio of financial assets.