Citi’s corporate and investment banking revenue from Saudi Arabia nearly tripled

The Citigroup Inc (Citi) in Toronto, Ontario, Canada on October 19, 2017. REUTERS / Chris Helgren

DUBAI, July 1 (Reuters) – Citigroup (CN) corporate and investment banking income from operations in Saudi Arabia has “nearly tripled” since returning to the kingdom in 2018, a senior executive said on Thursday .

Citi was granted a capital markets license in 2017, allowing it to return to the kingdom in 2018 after an absence of 13 years. He advised Saudi Aramco on its 2019 listing of $ 29.4 billion, in what was the world’s largest initial public offering, as well as on several sovereign and corporate bond transactions.

“We have achieved record growth in our annual revenues in corporate and investment banking over the past two years,” Rizwan Shaikh, head of Citi’s emerging markets corporate bank EMEA, told Reuters, on the sidelines. of a conference.

“The income of Citigroup’s investment and investment bank in Saudi Arabia has almost tripled” since the bank obtained its CMA license, Shaikh said.

He did not provide more specific revenue figures, which include both onshore and offshore elements of the business, but said Saudi Arabia is one of the biggest opportunities for Citigroup to acquire new customers.

“In emerging markets and as a G20 economy, Saudi Arabia is one of the greatest opportunities for us to provide product solutions and focus on acquiring new customers,” Shaikh said. .

Citi’s investment banking business in Saudi Arabia operates with four bankers, but their number will be increased, he said.

Shaikh said the newly formed emerging markets corporate banking unit also covers development financial institutions (DFIs) in these markets, making it easier for them to make deals in less developed markets.

Standard Chartered (STAN.L) announced on Thursday that it has started offering banking services through its branch in Saudi Arabia with a team of 25, in order to strengthen its presence in the Arab world’s largest economy. Read more

Reporting by Saeed Azhar; Editing by Simon Cameron-Moore

Our Standards: Thomson Reuters Trust Principles.


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