VOL. XLVI

No 38

22-September-2003

REGIONAL BANKING

Citigroup Withdraws From Samba Management

US bank Citigroup has withdrawn from the management of Saudi American Bank (Samba) in which it holds a 20% share. The move precipitated a 3.5% fall in the Saudi stock market on the morning of 16 September. Citigroup has long experience of doing business in Saudi Arabia, opening a branch in Jiddah in 1955 and in Riyadh in 1966. However, the bank was forced to sell a majority of its shares to Saudi...