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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