Barclays (BCS) is re-entering the Saudi Arabian market with plans to open a new office in Riyadh next year, Bloomberg reported Monday, citing the company's Chief Executive C.S. Venkatakrishnan.

The UK-based bank is in the process of obtaining a license to conduct investment banking activities in the country, he said during an interview with Bloomberg TV on the sidelines of a conference in Riyadh.

"We are establishing our regional headquarters," Bloomberg quoted him as saying. "We are in the process of getting all the appropriate banking and other licenses."

"The office will be in the financial district and we're getting enough to have a good sized office," he said. "We will build it up as we get the licenses."

Barclays pulled out of the country in the aftermath of the 2008 financial crisis, pulling its license in 2014, Bloomberg reported.

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