A view of the exterior of the Citibank Corporate headquarters in the Manhattan borough of New York City, May 20, 2015. REUTERS/Mike Segar
Your feedback is important to us!
We invite all our readers to share with us their views and comments about this article.
Disclaimer: Comments submitted by third parties on this site are the sole responsibility of the individual(s) whose content is submitted. The Daily Star accepts no responsibility for the content of comment(s), including, without limitation, any error, omission or inaccuracy therein. Please note that your email address will NOT appear on the site.
Alert: If you are facing problems with posting comments, please note that you must verify your email with Disqus prior to posting a comment. follow this link to make sure your account meets the requirements. (http://bit.ly/vDisqus)
More than a decade after quitting Saudi Arabia, Citigroup Inc. is winning more high-profile deals in the kingdom and quietly plans to compete for more.It was also among 15 banks that helped raise a $10 billion loan in April, a deal where Saudi Arabia held out the prospect of a role in the subsequent international bond sale to participants.In 2004, Citigroup was focusing on countries where it could control a majority stake.In the intervening years, Citigroup executives have continued to visit the kingdom and expressed interest in returning to Saudi Arabia.The bank applied unsuccessfully for a license to return to the country in 2006 . Citigroup ranked 14th among local and international banks in investment banking fees earned in Saudi Arabia over the past five years, reaping $16 million to achieve a 2 percent market share, according to New York-based research firm Freeman & Co.Even without bankers on the ground, Citigroup has provided more finance to borrowers in the kingdom than rivals JPMorgan Chase & Co. and Deutsche Bank AG, which both have local operations and large teams based in the country.Citigroup joins banks including HSBC Holdings PLC and asset manager Ashmore Group in obtaining the license after the Arab world's biggest stock market opened to direct foreign investment in June.
FOLLOW THIS ARTICLE