Citigroup has secured the go-ahead from the Saudi Arabian Capital Market Authority (CMA) to commence investment banking operations in the country.

Citi CEO Mike Corbat said: “Saudi Arabia is a regional economic leader and a strategically important market for Citi.

“We are excited by the Kingdom’s Vision 2030 to create a more diverse and sustainable economy, and we look forward to putting Citi’s global banking capabilities to work in service of this economic transformation.”

Citi obtained a licence to operate in Saudi Arabia in April 2017, marking its return to the kingdom after 13 years.

The licence paved way for the bank to offer investment banking, debt and equity capital markets, markets, and securities research capabilities in the kingdom.

Citi will operate in the kingdom under the Citigroup Saudi Arabia brand. The board of the Saudi Arabia business will include senior executives and independent directors from Citi.