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Mon 24 Dec 2018 08:12 AM

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Credit Suisse CEO in Saudi Arabia reportedly to step down in 2019

The company is currently seeking to boost its equities operation in the region

Credit Suisse CEO in Saudi Arabia reportedly to step down in 2019

Credit Suisse Group AG’s chief executive officer in Saudi Arabia is leaving the bank, according to people familiar with the matter.

Abdulaziz Bin Hassan has already resigned and is expected to step down next year, the people said, asking not to be identified. Credit Suisse declined to comment on Sunday, and Abdulaziz couldn’t be reached for comment.

The Zurich-based company has hired three bankers from Bank of America Corp. in the Middle East since October as it seeks to boost its equities operation in the region after scaling back a few years ago amid a slowdown in trading.

The lender has also applied for a banking license in Saudi Arabia, which has the Arab world’s biggest stock exchange, ahead of its inclusion in the major emerging-markets benchmarks compiled by MSCI Inc. and FTSE Russell next year. The addition to the indexes is expected to trigger billions in inflows.

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