Citigroup Gets Saudi Investment Bank License After 13 Years - Bloomberg:
"After a 13-year absence, Citigroup Inc. is back in Saudi Arabia.
The bank received a license from the kingdom’s regulator “to provide a full range of investment banking, debt and equity capital markets, markets and securities research capabilities to local and international institutional clients," it said in a statement Tuesday.
The announcement seals Citigroup’s return to the kingdom after it lost its license when it sold its stake in Samba Financial Group in 2004. Saudi Arabia is becoming more attractive to foreign lenders as it overhauls its economy and plans to list Saudi Arabian Oil Co., or Aramco, in what could be the largest-ever initial public offering. The New York-based bank tried unsuccessfully to return to the country in 2006 and 2010."
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