Saudi Arabia’s Capital Market Authority (CMA) has awarded Citigroup a license to conduct capital markets business in the Kingdom, market regulator said in a statement to Tadawul.

 

Citigroup officially applied for a capital market business license last month from the CMA, as it looks to capitalize on financial reforms in Saudi Arabia.

 

The lender lost its Saudi banking license when it sold its stake in Samba Financial Group in 2004. 

 

Earlier in April, the New York-based bank appointed Carmen Haddad to lead its operations in Saudi Arabia, Bloomberg reported, citing sources familiar with the matter.

 

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