Citigroup Faces Saudi Setback as Billionaire Backer Arrested - Bloomberg:
"Citigroup Inc. may face new obstacles to rebuilding its Saudi Arabia business after the bank’s longstanding shareholder and promoter was arrested in an anti-corruption drive. Prince Alwaleed bin Talal, the 62-year-old Saudi billionaire, was detained by authorities on Saturday without disclosure of the allegations. The government also named former HSBC Holdings Plc Middle East and North Africa head Mohammad Al Tuwaijri as economy and planning minister as part of the crackdown. International lenders are expanding their foothold in the kingdom as the nation overhauls its economy and plans to list Saudi Arabian Oil Co., or Aramco, in what could be the largest initial public offering in history. Citigroup, which lost its Saudi investment banking license by selling its stake in Samba Financial Group in 2004, has been plotting a return. The bank got a new license in April."
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