Citigroup names key banker on Aramco IPO as Saudi CEO

Citigroup names key banker on Aramco IPO as Saudi CEO

Citigroup appointed Wassim Al Khatib as its chief executive officer in Saudi Arabia as the US bank looks to boost its presence in the kingdom, according to people familiar with the matter.

Khatib will lead Citigroup's investment banking and markets business in Saudi Arabia, where the New York-based lender has built up its operations since it returned in 2018 after a 13-year hiatus, said the people, asking not to be identified because the appointment hasn't been made public.

A spokesperson at Citigroup didn't immediately respond to emails and calls seeking comment.

"The Kingdom of Saudi Arabia is a critical component of our Middle East strategy and is an essential growth market for Citi globally,“ the bank said in an internal memo seen by Bloomberg.