Riyadh – Mubasher: The US-based Citigroup announced the inauguration of its new office in Kingdom Tower to re-enter Saudi Arabia after quitting the Saudi market in 2004.

Citigroup’s expansion in the kingdom comes in line with its strategy to participate in the Arab region's largest economy and contribute to its transformation, the American financial giant's CEO Mike Corbat said.

The American lender will support the Saudi Vision 2030 to diversify the GCC nation's economy through playing a key role toward realising this vision, Corbat added.

In 2017, the Saudi Capital Market Authority (CMA) had awarded Citigroup a licence to conduct capital markets business in Saudi Arabia, a step enabling the US bank to return to the kingdom to offer banking services after an absence of almost 13 years.