Citigroup Said in Talks for Saudi Arabia Banking License

Citigroup is making a strategic return to Saudi Arabia after exiting in 2004. The bank is seeking a new banking license amid major economic reforms and opportunities like the Saudi Aramco IPO. Citigroup has formed a task force to explore business opportunities and has participated in significant bond issuances. The involvement of Saudi Prince bin Talal, who holds a stake in Citigroup, provides an advantage. However, obtaining the necessary regulatory approval remains a challenge, with other international banks also eyeing opportunities in the Kingdom.

Why is Citigroup's move to re-enter Saudi Arabia considered significant?

• They are partnering with Saudi Aramco.

• They exited the market in 2004 and are returning amidst major reforms.

• They are the first foreign bank to enter the market.

• They have acquired a local bank.

What strategy has Citigroup employed to explore opportunities in Saudi Arabia?

• They have launched a new product line.

• They have acquired a Saudi company.

• They have created an internal task force.

• They have partnered with local banks.

What role did Citigroup play in Saudi Arabia's financial market recently?

• They launched a new digital banking service.

• They acquired a stake in Saudi Aramco.

• They opened a new branch in Riyadh.

• They led a major bond issuance.

How might Saudi Prince bin Talal's stake in Citigroup benefit the bank?

• It offers tax exemptions.

• It allows exclusive access to Saudi Aramco.

• It provides connections to the royal family.

• It guarantees a banking license.

Which other international bank is also seeking a banking license in Saudi Arabia?

• HSBC

• Goldman Sachs

• Barclays

• Credit Suisse