Citigroup CEO meets with Alwaleed, eyes return to Saudi

The banking group is seeking a return to the kingdom to capitalise on financial reforms, according to reports



The CEO of Citigroup reportedly met with Saudi Arabia’s Prince Alwaleed bin Talal Al Saud yesterday as the American bank moves ahead with plans to return to the kingdom.

Bloomberg cited a statement from Alwaleed’s Kingdom Holding as saying Mike Corbat discussed the bank’s future plans with the prince, who is a key Citigroup shareholder.

Sources also told the news service that the bank is in advanced discussions to obtain a banking license in the kingdom in order to capitalise on financial reforms after a more than 10-year absence.

The bank has started asking staff regarding a potential move to the kingdom in the expectation that the license will be granted, according to the report.

Alwaleed was recently named the world’s most powerful Arab in our 2017 ranking.

Read: HRH Prince Alwaleed Bin Talal Bin Abdulaziz Al Saud

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