Citigroup working to get full banking license in Saudi Arabia

US-based Citigroup is working towards getting a full banking license in Saudi Arabia in order to expand its base in the Kingdom, Reuters reported, citing a senior bank executive.

The bank, which received the Capital Market Authority's approval to begin investment banking business in January this year, has picked up more advisory deals since then, said Atiq Rehman, chief executive officer of Middle East and Africa, Citi.

He added the bank plans to offer custody and brokerage services in the future, but has no intentions of getting into retail banking in the Kingdom.

Citi exited Saudi Arabia in 2004 after operating for nearly 50 years, when it sold its 20 percent stake in Samba Financial Group.

Meanwhile, Rehman said Citi aims to establish the UAE into a proper booking center for all sorts of transactions, including loans, derivatives and trade.  

The US banking giant expects growth in the Middle East and Africa region to beat the market average of around four percent in 2018 and 2019, supported by Saudi Arabia and the UAE, the CEO noted.