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Report: Citi seeks to conduct capital markets business in Saudi Arabia

Citigroup Inc. filed an application with Saudi Arabia's Capital Market Authority to obtain a capital markets license, Reuters reported March 28, citing "two sources familiar with the matter." A third source said that Citi is "positive" that it will secure the license this year.

If approved, Citi could also pursue a full bank branch license, according to the report.

The U.S. bank pulled out of Saudi Arabia in 2004 when it sold its 20% stake in Samba Financial Group, Reuters wrote. In 2015, Citi reportedly received a license from the Capital Market Authority to invest directly in the country's stock market.

Citi declined to comment and no one at the Saudi Arabian agency was immediately available to make a comment, according to the newswire.