Report : Goldman Sachs In Preliminary Talks For Equities License In Saudi Arabia

(RTTNews) - Goldman Sachs Group Inc. (GS) is in preliminary talks for an equities license in Saudi Arabia as the U.S. lender seeks to take advantage of the country's economic reforms, Bloomberg reported citing people familiar with the matter.

The bank has yet to file a formal application. While talks are ongoing, no final decisions have been made. The bank may also decide against going ahead with the submission, the report said.

Goldman is following banks including HSBC Holdings Plc, Citigroup and Ashmore Group Plc, which already acquired equities licenses in the kingdom after the country opened to foreign investment in 2015.

Other global banks are also planning to seek a broader presence in the kingdom. Citigroup Inc. is in advanced discussions for a banking license in Saudi Arabia, returning after a more than 10-year absence, the report said. Credit Suisse Group AG has allocated about $600 million of its own capital to expand in the country as it seeks a license, the report said in February.