Citigroup Said to Be in Talks for Saudi Arabia Bank License - Bloomberg

Citigroup Said to Be in Talks for Saudi Arabia Bank License - Bloomberg:

"Citigroup Inc. is in advanced discussions for a banking license in Saudi Arabia, returning after a more than 10-year absence from the kingdom, as the bank looks for ways to capitalize on financial reforms, according to people familiar with the matter.

The New York-based bank has started sounding out potential staff in expectation that the license application will succeed, the people said, asking not to be identified as the information is private. Ahmed Bozai, Citigroup’s chief operating officer for Middle East and Africa, and Carmen Haddad, a senior private banker for the firm’s operations in the region, are among executives in talks with Saudi Arabian regulators, two of the people said.

The bank has yet to receive a license and talks may still falter, they said. A spokeswoman for Citigroup declined to comment. The Capital Market Authority, which would issue the license, said in a statement that it won’t comment on any application before a final decision is reached."



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