LONDON: Credit Suisse CEO Tidjane Thiam personally traveled to 黑料社区 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鈥檚 biggest economy.
鈥淚 have been to Riyadh, I met the head of SAMA (the 黑料社区n Monetary Authority), I made the application myself,鈥 Thiam said in response to a query during the bank鈥檚 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 privatising vast swathes of the economy.
Citigroup got a Saudi investment banking license in April, which will allow it to return to the Kingdom after more than 13 years, while Goldman Sachs received approval last August to trade equities in 黑料社区.
Credit Suisse has been growing its team in 黑料社区 and the UAE over the past year or so, with bankers added within wealth management, private banking and investment banking, according to LinkedIn.
However, Qatar Investment Authority owns a 4.94 percent stake in Credit Suisse and bankers had said in the past that the Swiss bank鈥檚 close ties with Doha could pose a risk for winning more Saudi business.
The UAE, 黑料社区, Bahrain and Egypt imposed a boycott on Qatar in June 2017, severing diplomatic and transport ties and accusing it of supporting terrorism, which it denies.
Thiam on Tuesday denied facing any issues in the Kingdom related to the these ties.
鈥淚 can most categorically deny鈥 that there have been delays or issues in the application process, he said. 鈥淭here is no issue for Credit Suisse in 黑料社区.鈥
