Citi braces for Saudi investment banking launch

Dubai: Citigroup has received a commencement letter from Saudi Arabia’s Capital Market Authority that will formally allow the bank to launch investment banking business in the kingdom, the bank said on Tuesday.

Citigroup Saudi Arabia also held its inaugural board meeting in Riyadh, it said in a statement. It obtained a capital markets licence in April enabling its return to the kingdom after an absence of almost 13 years.

“Saudi Arabia is a regional economic leader and a strategically important market for Citi,” Citigroup chief executive Mike Corbat said.