CEO confirms Credit Suisse seeking Saudi banking license | Reuters:
Credit Suisse (CSGN.S) Chief Executive Tidjane Thiam personally traveled to Saudi Arabia to apply for a banking license, he said on Tuesday, confirming Reuters information the Swiss bank is seeking a full banking license in the Middle East’s biggest economy.
“I have been to Riyadh, I met the head of SAMA (the Saudi Arabian Monetary Authority), I made the application myself,” Thiam said in response to a query during the bank’s second-quarter news conference.
An increasing number of western banks and fund managers are looking to expand in the kingdom since the government unveiled a transformation plan aimed at privatizing vast swathes of the economy.
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