US banking major wins approval more than 10 years after exiting the Gulf kingdom
Citigroup Inc has received an investment banking licence from Saudi Arabia’s Capital Market Authority more than 10 years after exiting the kingdom.
The CMA board authorised Citigroup Saudi Arabia "to conduct dealing as underwriter, arranging and advising in securities business activities," according to statement posted on the regulator’s website.
The firm lost its key banking licence when it sold its stake in Samba Financial Group in 2004. Saudi Arabia is becoming more attractive to foreign lenders as it takes steps to overhaul its economy, including plans for what could be the largest ever initial public offering with the sale of shares in Saudi Arabian Oil Co.
The New York-based bank appointed Carmen Haddad as chief executive officer in Saudi Arabia to rebuild its business there, people familiar with the matter said earlier this month.