VTB Capital Plc, the investment banking unit of Russia’s second-largest lender, is considering an equities business in Saudi Arabia after starting a program that allows foreign investors to buy the nation’s shares.
“We may look at setting up in Saudi,” Makram Abboud, Chief Executive Officer for the investment bank in the Middle East and Africa, said in an interview in Dubai on Jan 15. “We re-evaluate our position every six months. We’ll see how this program goes. We strongly believe in the Saudi market.”
The bank opened its so-called dollar-denominated participatory notes program last week, a mechanism that allows foreigners to invest in Saudi shares while circumventing restrictions on direct investments. Average daily trading volume for the country’s benchmark stock index gained 74 percent last year, while Dubai’s was about half the volume it traded in 2008.
VTB Weighs Saudi Equities as Morgan Stanley Shifts From Dubai - Bloomberg
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