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Thursday, 23 February 2017

Credit Suisse to Commit $600 Million for Saudi Expansion - Bloomberg

Credit Suisse to Commit $600 Million for Saudi Expansion - Bloomberg:

"Credit Suisse Group AG, the Swiss lender seeking a banking license in Saudi Arabia, has allocated about $600 million of its own capital to expand its business in the kingdom, according to people familiar with the matter. The Zurich-based bank, which has a securities and equities business in the country, plans to use the capital to, among other things, offer investors Lombard loans, which are backed by liquid assets such as stocks, said the people, who asked not to be identified because the information is private. Such loans could help facilitate trading in local equities, they said. International banks are seeking to expand their operations in the kingdom as it embarks on an unprecedented economic shakeup under Deputy Crown Prince Mohammed bin Salman, who is seeking to reduce its reliance on oil after a plunge in prices that started in 2014. Iqbal Khan, head of the Credit Suisse’s international wealth-management business, said in an interview last year that the bank was in talks with the Saudi central bank for an onshore license."

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