Citigroup faces setback after Saudi Prince Alwaleed’s arrest
London/Dubai — Citigroup may face new obstacles to rebuilding its Saudi Arabia business after the bank’s longstanding shareholder and promoter was arrested in an anticorruption drive. Prince Alwaleed bin Talal, the 62-year-old Saudi billionaire, was detained by authorities on Saturday without disclosure of the allegations. The government also named Economy and Planning Minister Mohammad Al Tuwaijri, the former HSBC Holdings Middle East and North Africa head, as part of the crackdown. Global lenders are expanding their foothold in the kingdom as the nation overhauls its economy and plans to list Saudi Arabian Oil Company (Aramco), in what could be the largest initial public offering in history. Citigroup, which lost its Saudi investment banking licence by selling its stake in Samba Financial Group in 2004, has been plotting a return. The bank got a new licence in April. Alwaleed’s arrest is "likely to make things more difficult for Citigroup in Saudi due to companies and individuals ...
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