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Monday, 17 April 2017

Citigroup Names Saudi Arabia CEO - Bloomberg

Citigroup Names Saudi Arabia CEO - Bloomberg:

"Citigroup Inc. named Carmen Haddad to rebuild its Saudi Arabian business more than 10 years after losing a key banking license in the kingdom, according to people familiar with the matter. Haddad is leading Citigroup’s strategy and business development for the kingdom, where the New York-based bank doesn’t have a local presence, said the people, asking not to be identified because the appointment hasn’t been made public. She’s also set to become the lender’s chief executive officer in Saudi Arabia once it gets a banking license from the market regulator, the people said. Citigroup is in advanced discussions with Saudi Arabia’s Capital Market Authority for an investment-banking license to operate in the country, people said last month. The firm lost a key banking license 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."

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