Credit Suisse AG has opened a branch in Riyadh, strengthening its Saudi Arabia franchise, the bank said in a statement Monday.
The new branch will allow Saudi Arabian clients to benefit from an extended wealth management offering which is comprised of lending services, foreign exchange and treasury products, account management and deposits. Clients will continue to be able to access the existing range of local and international trading capabilities as well as investment banking services.
Majid A. Al-Gwaiz, who joined the company in 2020, will act as CEO of the Riyadh branch and will report to Bruno Daher, CEO of Middle East and North Africa.
Credit Suisse has had a presence in the Middle East since 1967 and has been operating in Saudi Arabia since 2005.
Credit Suisse was awarded a full banking licence by the country's central bank in 2019.
Saudi Arabia has become one of the most important active markets in the Middle East for deals mostly in equities as companies tap into local investors' demand for shares following Saudi Aramco's record $29.4 billion IPO.
(Writing by Brinda Darasha; editing by Seban Scaria)
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