Citigroup Plans To Re-Enter Saudi Arabia: WSJ

  • Citigroup Inc C is planning to apply for a full banking permit in Saudi Arabia, the Wall Street Journal reported.
  • The move comes after Citigroup pulled out its operations from Saudi Arabia following the September 11, 2001, attack.
  • The banking giant obtained a license for investment banking in 2018 and had taken part in the offering of oil giant Aramco.
  • If granted a full banking permit, Citigroup will be able to offer banking and payments to international companies in Saudi Arabia.
  • The report quoted Ebru Pakcan, Citi's chief executive for emerging markets in Europe, Middle East and Africa, saying that growing demand in Saudi Arabia for financial advice has helped the bank overcome the impact of its hasty exit. 
  • Citigroup expects to benefit from Crown Prince Mohammed bin Salman's aim to modernize Saudi Arabia's oil-dependent economy.
  • Price Action: C shares are trading higher by 0.02% at $50.89 in premarket on the last check Monday.
  • Photo via Wikimedia Commons

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