ZURICH (Reuters) – Credit Suisse (CSGN.S) Chief Executive Tidjane Thiam personally traveled to Saudi Arabia to use for a banking license, he stated on Tuesday, confirming Reuters info the Swiss financial institution is seeking a full banking license within the Middle East’s largest financial system.
Tidjane Thiam, CEO, Credit Suisse Group AG, speaks on the Milken Institute 21st Global Conference in Beverly Hills, California, U.S., May 1, 2018. REUTERS/Mike Blake – RC1318620A00
“I have been to Riyadh, I met the head of SAMA (the Saudi Arabian Monetary Authority), I made the application myself,” Thiam stated in response to a question in the course of the financial institution’s second-quarter information convention.
An growing variety of western banks and fund managers wish to broaden within the kingdom because the authorities unveiled a change plan aimed toward privatizing huge swathes of the financial system.
Citigroup (C.N) received a Saudi funding banking license in April, which can permit it to return to the dominion after greater than 13 years, whereas Goldman Sachs (GS.N) acquired approval final August to commerce equities in Saudi Arabia.
Credit Suisse has been rising its group in Saudi Arabia and the United Arab Emirates over the previous yr or so, with bankers added inside wealth administration, personal banking and funding banking, in accordance with LinkedIn.
However, Qatar Investment Authority owns a four.94 % stake in Credit Suisse and bankers had stated prior to now that the Swiss financial institution’s shut ties with Doha might pose a danger for profitable extra Saudi enterprise.
The UAE, Saudi Arabia, Bahrain and Egypt imposed a boycott on Qatar in June 2017, severing diplomatic and transport ties and accusing it of supporting terrorism, which it denies.
Thiam on Tuesday denied dealing with any points within the kingdom associated to the these ties.
“I can most categorically deny” that there have been delays or points within the software course of, he stated. “There is no issue for Credit Suisse in Saudi Arabia.”
Reporting by Brenna Hughes Neghaiwi; Additional reporting by Marwa Rashad in Riyadh; Editing by Michael Shields