Citigroup will launch its investment banking business in Saudi Arabia after receiving the approval from the Capital Market Authority, the bank said in a statement on Tuesday.
Citigroup Saudi Arabia, which obtained a capital markets licence in April last year, also held its inaugural board meeting in Riyadh.
"Saudi Arabia is a regional economic leader and a strategically important market for Citi," Citigroup chief executive Mike Corbat said in the statement.
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