April 25, 2017 / 1:06 PM / 4 months ago

Citi obtains capital markets licence to operate in Saudi Arabia

DUBAI, April 25 (Reuters) - Citigroup has obtained a licence to conduct capital markets business in Saudi Arabia, according to a statement by the Saudi Capital Market Authority (CMA) on Tuesday.

The move allows Citi to return to the kingdom after an absence of 13 years and comes as the Gulf country seeks to diversify its funding resources away from oil revenues under its National Transformation Plan.

Citi had formally applied for a licence to conduct capital markets business in Saudi Arabia, as reported by Reuters in March.

Reporting by Davide Barbuscia

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