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Citigroup to Bolster Presence in Saudi Arabia, To Hire Bankers
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Citigroup (C - Free Report) mulls to expand operations in Saudi Arabia and hire more bankers for its direct custody business in the region, per the news reported by Reuters.
In 2018, Citigroup had re-set foot in Saudi Arabia after almost 13 years on having granted a license by the Saudi Arabian Capital Market Authority to provide a range of investment banking, debt and equity capital markets, and markets and securities research capabilities to its local and international institutional clients.
Since then, the company has hired more than 20 bankers for onshore capital markets, per the article. Some of the notable deals conducted by Citigroup in Saudi Arabia include providing advice to Saudi Aramco on its initial public offering in 2019. Another impressive transaction includes advising the Saudi government on a $7-billion three-tranche bond sale. The company seeks to bolster presence in the region and obtain a full banking license.
Amid the coronavirus pandemic, Citigroup has been taking expansion initiatives, backed by its strong business profile. The lender will expand its commercial banking business in the Nordics, covering Sweden, Norway, Denmark and Finland. The move comes on the heels of the rising needs of clients and opportunities foreseen in the fast-growing digital world.
Our Take
Citigroup continues to execute growth strategies such as bolstering position in the booming digital industry and expanding its global market presence, thereby, aiming to diversify revenue sources. Also, prudent expense management and inorganic expansion strategies keep us encouraged.
Notably, post the results of Dodd-Frank Act supervisory stress test 2020, Citigroup maintained dividend payouts for the third quarter based on its capital stability.
However, exposure to pending litigation issues might lead the company to incur high legal expenses.
It has lost 36.4% in the past six months compared with the 36.7% decline recorded by the industry. The company carries a Zacks Rank #3 (Hold) at present.
Stocks to Consider
Cathay General Bancorp’s (CATY - Free Report) 2020 earnings estimates have been revised slightly upward over the past 30 days. This Zacks Rank #1 (Strong Buy) company’s shares have lost 33.3% over the past six months. You can see the complete list of today’s Zacks #1 Rank stocks here.
Encore Capital Group Inc.’s (ECPG - Free Report) earnings estimates for the current year have been revised 34.4% upward over the past 60 days. Over the past six months, this Zacks #2 Ranked (Buy) company’s shares have lost 4.2%.
Earnings estimates for GAIN Capital Holdings, Inc. moved significantly north over the past 60 days for the ongoing year. The company’s shares have rallied 45.6% over the past six months. It carries a Zacks Rank of 2 at present.
Just Released: Zacks’ 7 Best Stocks for Today
Experts extracted 7 stocks from the list of 220 Zacks Rank #1 Strong Buys that has beaten the market more than 2X over with a stunning average gain of +24.1% per year.
These 7 were selected because of their superior potential for immediate breakout.
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Citigroup to Bolster Presence in Saudi Arabia, To Hire Bankers
Citigroup (C - Free Report) mulls to expand operations in Saudi Arabia and hire more bankers for its direct custody business in the region, per the news reported by Reuters.
In 2018, Citigroup had re-set foot in Saudi Arabia after almost 13 years on having granted a license by the Saudi Arabian Capital Market Authority to provide a range of investment banking, debt and equity capital markets, and markets and securities research capabilities to its local and international institutional clients.
Since then, the company has hired more than 20 bankers for onshore capital markets, per the article. Some of the notable deals conducted by Citigroup in Saudi Arabia include providing advice to Saudi Aramco on its initial public offering in 2019. Another impressive transaction includes advising the Saudi government on a $7-billion three-tranche bond sale. The company seeks to bolster presence in the region and obtain a full banking license.
Amid the coronavirus pandemic, Citigroup has been taking expansion initiatives, backed by its strong business profile. The lender will expand its commercial banking business in the Nordics, covering Sweden, Norway, Denmark and Finland. The move comes on the heels of the rising needs of clients and opportunities foreseen in the fast-growing digital world.
Our Take
Citigroup continues to execute growth strategies such as bolstering position in the booming digital industry and expanding its global market presence, thereby, aiming to diversify revenue sources. Also, prudent expense management and inorganic expansion strategies keep us encouraged.
Notably, post the results of Dodd-Frank Act supervisory stress test 2020, Citigroup maintained dividend payouts for the third quarter based on its capital stability.
However, exposure to pending litigation issues might lead the company to incur high legal expenses.
It has lost 36.4% in the past six months compared with the 36.7% decline recorded by the industry. The company carries a Zacks Rank #3 (Hold) at present.
Stocks to Consider
Cathay General Bancorp’s (CATY - Free Report) 2020 earnings estimates have been revised slightly upward over the past 30 days. This Zacks Rank #1 (Strong Buy) company’s shares have lost 33.3% over the past six months. You can see the complete list of today’s Zacks #1 Rank stocks here.
Encore Capital Group Inc.’s (ECPG - Free Report) earnings estimates for the current year have been revised 34.4% upward over the past 60 days. Over the past six months, this Zacks #2 Ranked (Buy) company’s shares have lost 4.2%.
Earnings estimates for GAIN Capital Holdings, Inc. moved significantly north over the past 60 days for the ongoing year. The company’s shares have rallied 45.6% over the past six months. It carries a Zacks Rank of 2 at present.
Just Released: Zacks’ 7 Best Stocks for Today
Experts extracted 7 stocks from the list of 220 Zacks Rank #1 Strong Buys that has beaten the market more than 2X over with a stunning average gain of +24.1% per year.
These 7 were selected because of their superior potential for immediate breakout.
See these time-sensitive tickers now >>