Citigroup up on report Alwaleed plans bigger stake

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NEW YORK (Reuters) - Citigroup Inc shares rose in premarket trading Thursday on a report that longtime shareholder Saudi Prince Alwaleed bin Talal plans to increase his stake in the bank to 5 percent from less than 4 percent.

The shares rose 25 cents to $6.65 following the report on CNBC television.

CITIGROUP (C.NY)did not immediately return calls seeking comment. A representative for Alwaleed could not immediately be reached.

Alwaleed holds more Citigroup shares than any other person. His percentage stake was reduced in late 2007 and early 2008 as Citigroup raised some $50 billion of capital from sovereign wealth funds and other investors, plus Alwaleed himself, to shore up its balance sheet. It recently raised another $25 billion through the U.S. government's bank bailout package.

An increased stake by Alwaleed could be seen as a vote of confidence for Citigroup, the second-largest U.S. bank by assets, and its embattled chief executive Vikram Pandit.

Shares of Citigroup have fallen 78 percent this year. They lost one-third of their value in the first three days of this week as investors worried that Pandit's plan to cut expenses by 20 percent and eliminate 52,000 jobs won't be enough to restore Citigroup to health.

The bank has lost $20.3 billion in the last year and taken tens of billions of dollars of writedowns on mortgage and other toxic debt. Analysts expect it to lose money in the fourth quarter, and some don't expect it to be profitable in 2009.

(Reporting by Jonathan Stempel; editing by John Wallace)

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