Citigroup Accelerates Saudi Return Plans With Megabond Mandate - Bloomberg:
"More than a decade after quitting Saudi Arabia, Citigroup Inc. is winning more high-profile deals in the kingdom and quietly plans to compete for more.
The New York-based bank has set up a company-wide task force to target opportunities in Saudi Arabia and holds weekly calls to coordinate the push, people familiar with the firm’s strategy said, asking not to be identified because the plan is private. Those leading the charge include Alberto Verme, banking chairman for Europe, the Middle East and Africa, and regional Chief Executive Officer Atiq Ur Rehman, according to three of the people.
The bank’s efforts may be paying off after it won a role as lead adviser on Saudi Arabia’s first international bond sale, which could raise at least $10 billion as soon as next month. Citigroup is keen to profit from a potential fee bonanza as the nation undergoes an unprecedented economic shakeup, including plans to create the world’s largest sovereign wealth fund and sell shares of crude giant Saudi Arabia Oil Co. in an initial public offering."
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