(MENAFN) Saudi Arabian Capital Market Authority is set to official give Citigroup permission to implement investment banking business in Saudi.
It was confirmed in a statement that Citigroup Saudi Arabia conducted its inaugural board meeting in Riyadh, the capital of the kingdom.
The bank also acquired a capital markets license in April, allowing it to get back to Saudi Arabia following nearly thirteen years of being away from the market.
Chief executive of Citigroup Mike Corbat declared "Saudi Arabia is a regional economic leader and a strategically important market for Citi."
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