After Citigroup Inc. lost almost a quarter of its value Wednesday, Saudi billionaire Prince Alwaleed bin Talal plans to increase his stake in the troubled bank to 5%, Bloomberg News reports.

Alwaleed, who owns less than 4% of the New York-based company, said in a statement he's buying shares because he ``strongly believes that they are dramatically undervalued.'' The stock fell to a 13-year low of $5.42 in New York trading Thursday.

Citigroup, buffeted by four straight quarterly losses, has raised about $75 billion since December by selling assets and equity stakes, including a $25 billion injection from the U.S. Treasury.

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