December 10, 2009 / 3:21 AM / 9 years ago

Kuwait fund has discussed cutting Citi banking ties -FT

LONDON, Dec 10 (Reuters) - The Kuwait Investment Authority (KIA) has held internal discussions about scaling back its banking operations with Citigroup (C.N) the Financial Times said, citing sources.

The move could involve transferring funds deposited with the U.S. bank, the newspaper cites people familiar with the matter saying.

The newspaper said the deliberations had taken place in recent months while the fund was in the process of selling Citi shares it acquired in January 2008.

On Sunday the KIA said it had sold its stake in Citigroup, making a $1.1 billion profit. [ID:nGEE5B506P]

The KIA’s internal talks on changing its relationship with Citi reflect irritation with what is seen as a lack of communication on the bank’s part, the newspaper cites people familiar with the matter as saying.

In recent months Citi has responded to the KIA concerns with a campaign to improve relations, the newspaper said.

Neither Citigroup in New York nor the KIA were immediately available for comment outside of regular business hours. A Citigroup spokesman in Hong Kong declined to comment. (Reporting by Simon Falush and Philppa Fletcher; Editing by Lincoln Feast)

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