Saudi Arabia’s Capital Market Authority has finally given an investment banking licence to Citigroup Inc.. Citi group has received the licence from the kingdom’s regulator after a period of 13 years, and has reasoned that they have received the license, “to provide a full range of investment banking, debt and equity capital markets, markets and securities research capabilities to local and international institutional clients.”
Acccording to the announcement made on the regulator’s website, the CMA board has by the CMA board has sanctioned the permit, “to conduct dealing as underwriter, arranging and advising in securities business activities.”
Back in 2004, the bank lost its banking license owing to the sale of its stake to Samba Financial Group. After so many years, in March the Citigroup CEO, Mike Corbat, sat down with Saudi Arabia’s Prince Alwaleed bin Talal Al Saud in Riyadh to discuss the bank’s plans. Jim Cowles, Citigroup’s CEO for Europe, the Middle East and Africa, mentioned in a statement that the license is vital for the bank as Saudi Arabia is “a strategically important market for Citigroup.”
To vest the reins of the bank in the hands of a proficient person, this New York based bank has appointed Carmen Haddad as the Chief Executive Officer in Saudi Arabia, who would reestablish the bank and shape it to its desired shape starting from the scratch.