Kuwait Fund Not Looking To Sell Off Stake in Bank of America Merrill (BAC) and Citigroup (C)

According to the Associated Press, the Kuwaiti sovereign wealth fund has no plans to sell off its stakes in both Bank of America / Merrill Lynch (NYSE: BAC) and Citigroup (NYSE: C) because it believes in the long-term viability and potential in Bank of America /Merrill Lynch and Citigroup.

"The Kuwait Investment Authority (KIA) has no intention of selling its investments in Merrill Lynch or Citigroup in the short term, as the authority relies in its investment policies on a long-term view," KIA said in a statement obtained by daily al-Rai and published on Sunday.

Kuwait's sovereign wealth fund, which manages state assets, has come under pressure for investing $5 billion in Citigroup and Merrill Lynch.