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Euromoney’s 2012 FX survey results

Euromoney’s 2012 FX survey results

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Skip Navigation LinksHome :: Saudi growth: (Chuck) Prince meets Prince (Alwaleed bin Talal) and says sorry

May 2006

Saudi growth: (Chuck) Prince meets Prince (Alwaleed bin Talal) and says sorry

At the start of April, Chuck Prince, chairman and CEO of Citigroup, came to Riyadh to lobby the Saudi finance ministry, central bank and capital markets regulator to let the US firm back into the kingdom less than two years after Citigroup sold off its 20% stake in Samba (previously Saudi American Bank). It was one of the early big decisions of Prince’s tenure as CEO and signalled the end of Citigroup’s presence in a country where it had operated since 1955.


Citigroup sold out of Samba, which it had managed under contract since 1980, just as the Saudi economy began to boom and the banks to score huge profits. Citigroup recorded a $760 million gain on the sale of its holding but shareholders missed out on the Saudi growth story. Prince can’t bear to miss out for much longer. He says: “Our confidence in the...


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