CITI WINS APPROVAL FOR SAUDI INVESTMENT BANK – Citigroup have announced that Saudi Arabia’s Capital Market Authority have awarded them with formal approval to begin an investment banking business in the region. It has been reported that Citi were among the banks invited to pitch for roles in the stock market listing of Saudi oil company Aramco, in an initial public offering (IPO) that aims to raise US$100bn. Chief Executive at Citi, @Mike Corbat, has expressed the banks interest in Saudi Arabia by saying, “Saudi Arabia is a regional economic leader and a strategically important market for Citi.” It is expected that other foreign banks will win approval from Saudi’s Capital Market Authority, as the region continues to becomes an important emerging market. #SpartanInternational
