Credit Suisse said on Monday it had taken a majority stake in its joint venture Saudi Swiss Securities, to be renamed Credit Suisse Saudi Arabia, and will offer a full range of services to Saudi clients.
The bank said in a statement Saudi Arabia had granted the renamed business a commencement letter for all activities authorized by the capital market authority. Bassam Yammine, currently co-chief executive of Credit Suisse in the Middle East, will take over as CEO of Credit Suisse Saudi Arabia, succeeding Sabah al-Binali.
The business will deliver private banking, investment banking and asset management services to Saudi clients. “Saudi Arabia is the dominant economy in the Gulf region and is a key growth market for Credit Suisse,” Yammine said.
Credit Suisse, which first entered into a joint venture in the Saudi Swiss Securities consortium in November 2005, did not give any financial details on the deal. (Reuters)