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Monday, 06 Jul 2020 11:14 am

Citi targets more growth in Saudi Arabia after adding over 20 bankers in two years

The bank, which following a 13-year hiatus returned to Saudi Arabia in 2018 after being granted a capital markets licence, said last year it would also expand its direct custody and clearing services to the oil-rich kingdom.

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Citigroup is planning to hire more bankers in Saudi Arabia for its direct custody business after adding more than 20 for onshore capital markets in the last two years, its Europe, Middle East and Africa head said.

The bank, which following a 13-year hiatus returned to Saudi Arabia in 2018 after being granted a capital markets licence, said last year it would also expand its direct custody and clearing services to the oil-rich kingdom.

David Livingstone told a conference on Thursday that while there was no set time-table for the lender to obtain a full banking licence in Saudi Arabia, the outlook for financial sector activity is positive.

“That is something we want to participate very strongly in,” he said. “Recently we secured our direct custody and services licence and we will be growing that business.”

The division provides services from trading execution to clearing to institutional investor clients.

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Tags Citi Banking Saudi Arabia

Meeta Ramnani

Meeta develops credible content about various markets based on deep research, opinions from experts and inputs from industry leaders. As the managing editor at Smart Market News, she assures that every piece of news and article adds to the knowledge of decision makers. An avid bike rider, Meeta, is a postgraduate from Indian Institute of Journalism and New Media (IIJNM) Bangalore, where her specialization was Business Journalism. She carries experience from mainstream print media including The Times Group and Sakal Media Group.


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