An increasing number of Western banks and fund managers are looking to expand in the Kingdom following the Government’s unveiling of a transformation plan aimed at privatise the economy.
Switzerland-based Credit Suisse has announced that it is seeking a full banking licence in Saudi Arabia.
Tidjane Thiam, Credit Suisse’s Chief Executive, said, “I have been to Riyadh, I met the head of SAMA, I made the application myself,” reported Reuters.
The bank has been growing its teams in the Kingdom as well as the UAE over the past year with bankers added within wealth management, private banking and investment banking.
Citigroup got an investment banking licence in April, which will allow it to return to the Kingdom after more than 13 years, while Goldman Sachs received approval last August to trade equities.