DUBAI: Citi on Tuesday announced the appointment of Wassim Al-Khatib, a key figure in Aramco’s 2019 initial public offering (IPO), as CEO of its Saudi operations.
Al-Khatib will be responsible for expanding the American lender’s operations in Saudi Arabia, after it relaunched in the Kingdom in April 2017 following a 13-year hiatus.
“The Kingdom of Saudi Arabia is a critical component of Citi’s Middle East strategy and is an essential growth market for Citi globally,” Carmen Haddad, Citi’s vice chairperson for the Middle East and country officer for Saudi Arabia, said in a statement.
“Wassim is a highly experienced banker with the right expertise to continue driving our strategy of serving our clients and contributing to the Kingdom’s generational transformation.”
Al-Khatib was previously managing director and head of NCB Capital’s investment banking division, where he was a key figure in Aramco’s SR96 billion ($25.6 billion) IPO in 2019.
The New York-based bank ended a five-decade presence in Saudi Arabia in 2004 with the sale of its 20 percent stake in Samba Financial.
In April 2017, it was granted a license by the Saudi Capital Market Authority to offer a range of investment banking, debt and equity capital market services.
