Citigroup to Expand Saudi Arabian Teams on MSCI Trading Bet - Bloomberg:
Citigroup Inc. plans to hire about five more bankers in Saudi Arabia as it prepares for an expected increase in foreign investment in the kingdom’s stock exchange.
The lender is expanding its team in Riyadh after getting regulatory approval last month to start cash-equities trading and custody services, Chief Country Officer Carmen Haddad said in an interview. MSCI Inc.’s move to include Saudi stocks in emerging-market indexes will boost trading, and Citigroup wants to be ready, she said.
“We’ve had about 14-15 people on the ground and that will grow to about 20 this year,” Haddad said. “We’re very focused on equities, custody, M&A, capital market debt and equity origination, research and advisory business. We’ll add a few traders and some middle office staff this year as a result of getting the permission to provide cash equity and custody services, and those should be operational in a few months.”
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