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Citi plans to hire 20 banks as it enters Saudi Arabia
Thursday 6 Safar 1439 H - October 26, 2017
Arabic.Net
Citigroup wants to recruit up to 20 banks in Saudi Arabia, where it plans to officially start operations in the first quarter of next year after it has been licensed to provide investment banking services in the kingdom, a senior executive said.
Citigroup chief executive Carmen Haddad told Reuters that the kingdom's economic reform program would provide opportunities for investment banking through privatization and by encouraging people to save more money.
The bank was licensed in April to conduct capital market activities, a move that allows Citigroup to return to the Kingdom to provide banking services after nearly 13 years of absence.
More than 10 foreign banks have licenses to operate branches in Saudi Arabia. Many international banks want to enter the Saudi market at a time when opportunities are emerging from reforms by the kingdom to halt the economy's reliance on oil revenues.
Opportunities include a range of privatizations as the government's plan to include up to 5% of Saudi Aramco in an initial public offering. It also includes steps such as increasing Saudi ownership of homes and encouraging more consumers to save.
Citi left Saudi Arabia in 2004, selling a 20 percent stake in Samba Financial Group. In 2015 he received permission from regulators in the Kingdom to invest directly in the stock market in the country.
http://www.alarabiya.net/ar/aswaq/banks/2017/10/26/%D8%B3%D9%8A%D8%AA%D9%8A-%D8%AC%D8%B1%D9%88%D8%A8-%D9%8A%D8%AE%D8%B7%D8%B7-%D9%84%D8%B9%D9%85%D9%84%D9%8A%D8%A7%D8%AA-%D8%AA%D9%88%D8%B8%D9%8A%D9%81-%D9%85%D8%B9-%D8%AF%D8%AE%D9%88%D9%84%D9%87-%D8%A5%D9%84%D9%89-%D8%A7%D9%84%D8%B3%D8%B9%D9%88%D8%AF%D9%8A%D8%A9.html
Thursday 6 Safar 1439 H - October 26, 2017
Arabic.Net
Citigroup wants to recruit up to 20 banks in Saudi Arabia, where it plans to officially start operations in the first quarter of next year after it has been licensed to provide investment banking services in the kingdom, a senior executive said.
Citigroup chief executive Carmen Haddad told Reuters that the kingdom's economic reform program would provide opportunities for investment banking through privatization and by encouraging people to save more money.
The bank was licensed in April to conduct capital market activities, a move that allows Citigroup to return to the Kingdom to provide banking services after nearly 13 years of absence.
More than 10 foreign banks have licenses to operate branches in Saudi Arabia. Many international banks want to enter the Saudi market at a time when opportunities are emerging from reforms by the kingdom to halt the economy's reliance on oil revenues.
Opportunities include a range of privatizations as the government's plan to include up to 5% of Saudi Aramco in an initial public offering. It also includes steps such as increasing Saudi ownership of homes and encouraging more consumers to save.
Citi left Saudi Arabia in 2004, selling a 20 percent stake in Samba Financial Group. In 2015 he received permission from regulators in the Kingdom to invest directly in the stock market in the country.
http://www.alarabiya.net/ar/aswaq/banks/2017/10/26/%D8%B3%D9%8A%D8%AA%D9%8A-%D8%AC%D8%B1%D9%88%D8%A8-%D9%8A%D8%AE%D8%B7%D8%B7-%D9%84%D8%B9%D9%85%D9%84%D9%8A%D8%A7%D8%AA-%D8%AA%D9%88%D8%B8%D9%8A%D9%81-%D9%85%D8%B9-%D8%AF%D8%AE%D9%88%D9%84%D9%87-%D8%A5%D9%84%D9%89-%D8%A7%D9%84%D8%B3%D8%B9%D9%88%D8%AF%D9%8A%D8%A9.html
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