Citigroup tried and failed to get a license to return to Saudi Arabia in 2006 and again in 2010, despite lobbying by Alwaleed bin Talal. Photo: ReutersLondon/Dubai: Citigroup Inc. may face new obstacles to rebuilding its Saudi Arabia business after the bank’s longstanding shareholder and promoter was arrested in an anti-corruption drive. Prince Alwaleed bin Talal, the 62-year-old Saudi billionaire, was detained by authorities on Saturday without disclosure of the allegations. Citigroup tried and failed to get a license to return to Saudi Arabia in 2006 and again in 2010, despite lobbying by Alwaleed. Citigroup in October appointed Carmen Haddad to oversee its business in the kingdom, according to an internal memo.

Source: Mint November 06, 2017 18:11 UTC