Citigroup said to apply for Saudi capital market license

New York-based Citigroup Inc. has officially applied to Saudi Arabia’s Capital Market Authority (CMA) for a capital market business license, Reuters reported, citing unnamed people familiar with the matter.

Obtaining the license from the capital market regulator would mark Citigroup’s return after a 13-year absence from the Saudi Arabia.

The banking firm seeks to capitalize on the kingdom’s financial reforms, as Saudi Arabia becomes more attractive to foreign banks. In addition, Saudi Aramco plans to list up to 5 percent of its shares in what could be the largest ever initial public offering.