Carlos Slim , the Mexican billionaire to invest Citigroup

November 27th, 2008 - 3:49 pm ICT by Amrit Rashmisrisethi  

CitigroupMexican billionaire, Carlos Slim to invest in Citigroup , where the billionaire purchased a one per cent stake in Citigroup, the analyst say the financial giant is recently rescued by the US government.

The stake amount worths around 26 million shares which altogether tallies around US$150 billion and is ‘a portfolio investment of Grupo Financiero Inbursa,’ the analyst.

The rescue of Citigroup saved the US government’s more than 300-billion-dollar sparked the market last Sunday and with that Wall Street and European stock markets soaring as investors cheered the news.

The deal left Washington with the burden of the bank’s potential losses of up to US$306 billion and responsibility to inject capital of US$20 billion, which followed a previous US$25-billion-dollar infusion.

US-based Citi operates in more than 100 countries and, with more than two trillion dollars in assets, is widely viewed as too big to be allowed to fail.

Slim, a Mexican businessman largely focused on the telecommunications industry, was ranked second richest person in the world by Forbes in 2008, with a fortune estimated at more than 50 billion dollars.

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