Riyadh – Mubasher: Citigroup has received a formal letter from Saudi Arabia's Capital Market Authority (CMA) that will enable the bank to begin investment banking business in the kingdom, Reuters reported on Tuesday, citing the American bank.
Citigroup Saudi Arabia has held its inaugural board meeting in Riyadh, the group added.
“Saudi Arabia is a regional economic leader and a strategically important market for Citi,” CEO of Citigroup Mike Corbat said.
In April 2017, Citibank had obtained a licence that allows its return to Saudi Arabia after about 13 years of absence.
