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|23 January, 2018

Citigroup set to launch investment banking business in Saudi Arabia

Citigroup obtained a capital markets licence in April enabling its return to the kingdom after an absence of almost 13 years

The Citigroup sign is seen outside the Citigroup Center in New York, October 1, 2007.

The Citigroup sign is seen outside the Citigroup Center in New York, October 1, 2007.

REUTERS/Shannon Stapleton
DUBAI  - Citigroup C.N has received a commencement letter from Saudi Arabia's Capital Market Authority that will formally allow the bank to launch investment banking business in the kingdom, the bank said on Tuesday.

Citigroup Saudi Arabia also held its inaugural board meeting in Riyadh, it said in a statement. It obtained a capital markets licence in April enabling its return to the kingdom after an absence of almost 13 years.

"Saudi Arabia is a regional economic leader and a strategically important market for Citi," Citigroup chief executive Mike Corbat said.

(Reporting by Saeed Azhar; Editing by Andrew Torchia) ((Saeed.Azhar@thomsonreuters.com; +971 44536787; Reuters Messaging: saeed.azhar.reuters.com@reuters.net))