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IN 1991, SAUDI Arabia’s Prince Alwaleed bin Talal scooped up $590 million of convertible preferred stock in crisis-stricken Citicorp for a bargain. In doing so, he saved the bank from ruin and made himself billions – cementing his reputation as one of the world’s canniest investors. Nearly two decades later, Alwaleed, now Citigroup’s largest individual investor following Citicorp’s merger with Travelers Group Inc, once again rode to the bank’s rescue, this time at the height of the global financial crisis: in November 2008 the Saudi billionaire increased his stake in the beleaguered firm to 5%, vowing to stand behind the company whose stock he has said he will never sell.
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