Saudi Prince Alwaleed bin Talal plans to increase his stake in

Citigroup

(C) - Get Report

back to 5%.

The prince's stake currently is less than 4%.

In a press release issued Thursday, the prince said he supported Citigroup CEO Vikram Pandit and that he's "fully confident that Citigroup's universal banking model and global franchise will make it a long-term winner in the financial services industry."

The prince noted how Citigroup has raised $50 billion in private capital, in addition to the $25 billion that the U.S. government has provided under the Troubled Asset Relief Program.