“The total number of people we want to have on the ground for the CMA license is up to 20 for our medium-term plans here,” James Forese, Citigroup’s president and head of institutional clients group, said in an interview in Riyadh. “If things stay on track, then we’ll continue to invest. The opportunities here are self evident.”
Bloomberg News reports that the bank is returning to Saudi Arabia after a 13-year absence. The lender lost its license when it sold its stake in Samba Financial Group in 2004. Saudi Arabia is becoming more attractive to foreign lenders as it overhauls its economy and plans to list Saudi Arabian Oil Co., or Aramco, in what could be the largest-ever initial public offering. The New York-based bank tried unsuccessfully to return to the country in 2006 and 2010.
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