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

Posted In: BriefsNewsMediaGeneral

Ad Disclosure: The rate information is obtained by Bankrate from the listed institutions. Bankrate cannot guaranty the accuracy or availability of any rates shown above. Institutions may have different rates on their own websites than those posted on Bankrate.com. The listings that appear on this page are from companies from which this website receives compensation, which may impact how, where, and in what order products appear. This table does not include all companies or all available products.

All rates are subject to change without notice and may vary depending on location. These quotes are from banks, thrifts, and credit unions, some of whom have paid for a link to their own Web site where you can find additional information. Those with a paid link are our Advertisers. Those without a paid link are listings we obtain to improve the consumer shopping experience and are not Advertisers. To receive the Bankrate.com rate from an Advertiser, please identify yourself as a Bankrate customer. Bank and thrift deposits are insured by the Federal Deposit Insurance Corp. Credit union deposits are insured by the National Credit Union Administration.

Consumer Satisfaction: Bankrate attempts to verify the accuracy and availability of its Advertisers' terms through its quality assurance process and requires Advertisers to agree to our Terms and Conditions and to adhere to our Quality Control Program. If you believe that you have received an inaccurate quote or are otherwise not satisfied with the services provided to you by the institution you choose, please click here.

Rate collection and criteria: Click here for more information on rate collection and criteria.