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Citigroup Said in Talks for Saudi Return After Exit in 2004

  • U.S. bank is in advanced discussions for a banking license
  • Bank asking employees to consider potential Saudi Arabia move
Bloomberg business news

Citigroup Said in Talks for Saudi Arabia Banking License

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Citigroup Inc. is in advanced discussions for a banking license in Saudi Arabia, returning after a more than 10-year absence from the kingdom, as the bank looks for ways to capitalize on financial reforms, according to people familiar with the matter.

The New York-based bank has started sounding out potential staff in expectation that the license application will succeed, the people said, asking not to be identified as the information is private. Ahmed Bozai, Citigroup’s chief operating officer for Middle East and Africa, and Carmen Haddad, a senior private banker for the firm’s operations in the region, are among executives in talks with Saudi Arabian regulators, two of the people said.