Citigroup, UBS among banks most exposed to Riyadh's rich: sources

Zurich

CITIGROUP and UBS Group are among international banks managing the largest share of assets for wealthy Saudis, some of whom are being investigated as part of a government probe into alleged corruption, according to people familiar with the matter.

JPMorgan Chase & Co and Credit Suisse Group also manage billions of dollars for some of the kingdom's richest individuals, the people said, asking not to be identified because of the sensitivity of the matter. Citigroup's private bank counts Prince Alwaleed bin Talal, the world's 58th-richest person, and Khalid al-Tuwaijri, former chief of the Royal Court, as clients, two of the people said. Both are among those who were detained in the probe, the people said.