Citigroup CEO Mike Corbat Meets Prince Alwaleed in Saudi Arabia

Citigroup Inc. Chief Executive Officer Mike Corbat met Saudi Arabia’s Prince Alwaleed bin Talal Al Saud for talks as the U.S. based lender seeks a return to Saudi Arabia after a more than ten-year absence.

Corbat and Alwaleed -- a key Citigroup shareholder -- discussed the bank’s future plans and latest developments at a meeting in Riyadh, according to an emailed statement on Tuesday from Alwaleed’s Kingdom Holding Co.

The bank is in advanced discussions for a banking license in Saudi Arabia, seeking to return to the kingdom to capitalize on its financial reforms, people with knowledge of the matter said earlier this month.

The bank has also started sounding out potential staff to move in expectation that the license application will succeed, the people said.

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