Saeed Azhar, Yousef Saba

RIYADH / Reuters Citigroup A senior executive stated that (NYSE:) is interested in obtaining a Saudi Arabian banking license to expand its operations in trade finance and Treasury solutions.

Citi was granted a Saudi capital markets license in 2017. This allowed Citi to make its return to Saudi Arabia in 2018.

This is a good idea Saudi Aramco (SE) The $29.4Billion listing that was made in 2019 by SE, in the biggest international initial public offerings. This also includes several deals with corporate bonds and sovereign debt.

Ebru Pakcan from Citi’s EMEA Emerging Markets business told Reuters that the company has seen substantial growth and was still interested in further investment in this market. This statement was made on the sidelines to the FII conference in Saudi Arabia.

“Our clients are making more investment across many growth sectors. We would like to grow our services and capabilities locally by applying for a bank license.”

Citigroup’s clients business model is based on the ability to serve multinational companies worldwide and bring global investors opportunities into local markets. 

According to her, being a deposit taker institution that has local payment and collection capabilities is important when we are working with multinational corporations.

Since the Saudi government announced plans to privatize state assets, western financial institutions have expanded in Saudi Arabia. Reforms were also adopted as part of an economic strategy that reduces dependence on oil.

After receiving a 2019 banking license, Standard Chartered (OTC) began to offer banking services via its Saudi Arabian branch.

Pakcan indicated that Citigroup will hire additional people in Saudi Arabia and potentially double or triple the number of employees over the next several years.

She also said UAE will be one of its global wealth management centres, focusing on the countries of the Gulf Cooperation Council (GCC) and emerging markets.

She said that Citigroup was also “watching carefully” emerging markets like Uzbekistan and Ghana, both in Central Asia. These markets are constantly changing and will continue to attract multinationals.