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Wed 1 Aug 2018 11:09 AM

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Credit Suisse applies for Saudi banking licence

Foreign banks and funds are increasingly searching for opportunities in Saudi Arabia since the kingdom unveiled a far-reaching privatisation programme earlier this year

Credit Suisse applies for Saudi banking licence
Credit Suisse CEO Tidjane Thiam

Credit Suisse CEO Tidjane Thiam has travelled to Saudi Arabia to personally apply for a full banking licence in the kingdom, according to media reports.

“I have been to Riyadh, I met the head of SAMA [the Saudi Arabian Monetary Authority], I made the application myself,” Reuters quoted Thiam as saying in response to a query made during a news conference.

Foreign banks and funds are increasingly searching for opportunities in Saudi Arabia since the kingdom unveiled a far-reaching privatisation programme earlier this year.

Citgroup, for example, received a Saudi investment banking licence in April, while Goldman Sachs received permission in August 2017 to begin trading equities in Saudi Arabia.

At the press conference, Thiam also downplayed speculation that Credit Suisse was facing delays in expanding market due to ties to the Qatar Investment Authority.

“I can most categorically deny” that there have been delays or issues in the application process, he said. “There is no issue for Credit Suisse in Saudi Arabia.”

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