Citigroup Hired for First Saudi Arabia Deal After Reopening - Bloomberg

Citigroup Hired for First Saudi Arabia Deal After Reopening - Bloomberg:

"Citigroup Inc. won its first local mandate in Saudi Arabia as the U.S. lender returns to the kingdom after a 13-year absence.

The bank is advising budget carrier FlyNas LLC on its initial public offering along with Morgan Stanley and NCB Capital, people familiar with the matter said. The airline, partly owned by Prince Alwaleed Bin Talal’s Kingdom Holding Co., plans to sell shares by the end of the year or early 2019, the people said, asking not to be identified because the information is private.

Citigroup is rebuilding its operations in Saudi Arabia after exiting in 2004. The lender lost its license in the country when it sold its stake in Samba Financial Group. While the bank has played key roles on the kingdom’s record-breaking $17.5 billion bond sale in 2016 and $9 billion Islamic bond offering last year, it faced restrictions working on deals that were signed in Saudi Arabia or takeovers in which the target company was based there.

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