Deutsche Bank to JPMorgan Hire as Lenders Look Past Saudi Purge - Bloomberg:
"Global banks are pushing ahead with growth plans in Saudi Arabia four months after a crackdown on corruption threatened to derail ambitious plans to transform the economy. Lenders including UBS Group AG and Goldman Sachs Group Inc. have been hiring and Citigroup Inc. just won its first local advisory mandate since returning to Saudi Arabia after a 13-year absence. Deutsche Bank AG said it’s expanding in the kingdom as the outlook for bond and stock sales improves. While the speed of the purge and the lack of transparency unsettled markets when it started late last year, the banks appear unfazed after several of the princes and officials who were arrested have since been released. That’s good news for Crown Prince Mohammed bin Salman, who’s trying to solidify his grip on power without alienating the international investors he needs to transform the economy into a financial powerhouse and away from oil."
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