Goldman Sachs bought Commerzbank's claim in #Saudi's biggest debt saga: sources - Reuters

Goldman Sachs bought Commerzbank's claim in Saudi's biggest debt saga: sources - Reuters:

Goldman Sachs has bought a claim against The International Bank Corporation (TIBC), a Bahraini bank whose default 10 years ago triggered the biggest financial crisis in Saudi Arabia, three sources familiar with the matter said.

The U.S. investment bank bought $100 million of TIBC debt from Germany’s Commerzbank at the end of last year, two of the sources said, reflecting Goldman’s increased interest in Saudi Arabia.

Although it snubbed a Saudi investment conference last year following the disappearance of journalist Jamal Khashoggi, Goldman Sachs has since won a slew of mandates in the kingdom, including a lead role in Saudi Aramco’s debut international bond.