Citigroup plans more investment in Saudi Arabia, eyes banking license | Reuters
Citigroup (C.N) wants to pursue a banking license in Saudi Arabia to further boost its business in the kingdom by expanding into trade finance and treasury solutions, a senior executive said.
Citi was awarded a Saudi capital markets licence in 2017, allowing it to return to the kingdom in 2018 after a 13-year absence.
It advised Saudi Aramco on its $29.4 billion listing in 2019, in what was the world's biggest initial public offering, as well as on several sovereign and corporate bond deals.
"We have seen significant growth during this time and we're still very interested in making further investments locally in the market," Ebru Pakcan, Citi's head of EMEA emerging markets business, told Reuters on the sidelines of Saudi Arabia's FII investment conference.
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