Natixis SA is coming off its first initial public offering in Saudi Arabia with a blueprint for how to navigate a market dominated by rivals that are more entrenched in the kingdom.
The Paris-based bank, which aims to boost its investment banking revenues by 7% every year until 2024, is looking to get a “substantial increase” in how much it generates out of Saudi Arabia, according to Barbara Riccardi, regional head for the Middle East corporate and investment banking business.
“Saudi is a crowded place where a lot of people have been very active, and obviously we’re not going to try and compete with the likes of the American banks,” Riccardi said in an interview in Riyadh. “But where we can really add value is in the sector where we have been present consistently as a lender and as an adviser.”
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