Banking on

摘要

When massive credit losses sent banks scurrying for lifelines late last year, nearly all turned to the world's richest sovereign wealth funds for infusions of cash. Citigroup was the first to move, selling a 4.9 percent stake to the Abu Dhabi Investment Authority, one of the oldest and most experienced sovereign investors, for $7.5 billion in November 2007. Two months later the Kuwait Investment Authority injected a total of $5 billion into Citigroup and Merrill Lynch, and in June the Qatar Investment Authority shelled out ￡1.76 billion ($3.5 billion) for 6.4 percent of the British bank Barclays.