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.

What major initiative is Citigroup undertaking to re-enter the Saudi Arabian market?

What are some of the key business opportunities Citigroup is exploring in Saudi Arabia?

What role does the Saudi royal family play in Citigroup's operations in the Kingdom?

How did Citigroup's previous exit from Saudi Arabia in 2004 impact its current strategy?

What challenges does Citigroup face in obtaining a banking license in Saudi Arabia?