Citigroup gets approval to set up regional headquarters in Riyadh

Citigroup has received approval from Saudi Arabia to set up its regional headquarters in Riyadh, the latest sign of the kingdom’s efforts to lure more financial firms to set up bases in the country.

The Wall Street giant has received approval from the Saudi Ministry of Investment, according to a memo seen by Bloomberg News. Citibank, one of the world’s largest banks, was founded in 1812. It is the banking arm of Citigroup and operates in more than 100 countries around the world.