Citigroup to start investment banking ops in Saudi

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.