Credit Suisse opens branch in Riyadh in Saudi push

Credit Suisse has had a presence in the Middle East since 1967 and has been operating in Saudi Arabia since 2005

  
The Credit Suisse logo is pictured on a bank in Geneva, Switzerland, October 17, 2017.

The Credit Suisse logo is pictured on a bank in Geneva, Switzerland, October 17, 2017.

REUTERS/Denis Balibouse

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)

brinda.darasha@refinitiv.com

Disclaimer: This article is provided for informational purposes only. The content does not provide tax, legal or investment advice or opinion regarding the suitability, value or profitability of any particular security, portfolio or investment strategy. Read our full disclaimer policy here.

© ZAWYA 2021

More From Financial Services