📖 Your Q2 Earnings Guide: Discover the Stocks ProPicks AI Highlights to Jump Post-EarningsRead more

Citi's corporate and investment banking revenue from Saudi nearly tripled - executive

Published 07/01/2021, 05:34 AM
Updated 07/01/2021, 05:35 AM
© Reuters. FILE PHOTO: The Citigroup Inc (Citi) in Toronto, Ontario, Canada October 19, 2017. REUTERS/Chris Helgren

By Saeed Azhar

DUBAI (Reuters) - Citigroup (NYSE:C)'s corporate and investment banking revenue for its Saudi Arabia business has "nearly tripled" since returning to the kingdom in 2018, a senior executive said on Thursday.

Citi obtained a capital markets licence in 2017, allowing it to return to the kingdom in 2018 after a 13-year absence. It has advised Saudi Aramco (SE:2222) on its $29.4 billion listing in 2019, in what was the world's biggest initial public offering, as well as on several sovereign and corporate bond deals.

"We have seen record growth in our year-on-year revenue from corporate and investment banking over the last two years," Rizwan Shaikh, head of Citi's EMEA emerging markets corporate banking told Reuters on the sidelines of a conference.

"Citigroup’s corporate and investment banking revenues from Saudi Arabia have nearly tripled" since the bank obtained its CMA License, Shaikh said.

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

"Across emerging markets and as a G20 economy, Saudi Arabia is one of the largest opportunities for us to provide product solutions and focus on new client acquisitions," Shaikh said.

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

© Reuters. FILE PHOTO: The Citigroup Inc (Citi) in Toronto, Ontario, Canada October 19, 2017. REUTERS/Chris Helgren

Shaikh said the newly formed emerging markets corporate banking unit is also covering development financial institutions (DFIs) in these markets, facilitating them to originate deals in less developed markets.

Standard Chartered said on Thursday it has begun offering banking services through its branch in Saudi Arabia with a team of 25 people, as it boosts its presence in the Arab world's biggest economy.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.