Citigroup faces Saudi setback with arrest of billionaire backer

London

CITIGROUP Inc may face new obstacles to rebuilding its Saudi Arabia business after the bank's longstanding shareholder and promoter was arrested in an anti-corruption drive.

Prince Alwaleed bin Talal, the 62-year-old Saudi billionaire, was detained by authorities on Saturday without disclosure of the allegations. The government also named former HSBC Holdings Plc Middle East and North Africa head Mohammad Al Tuwaijri as economy and planning minister as part of the crackdown.