Swiss bank Credit Suisse has taken a majority stake in its joint venture Saudi Swiss Securities as part of its efforts to expand its operations in the Kingdom.

The bank’s joint venture in Saudi Arabia has been renamed Credit Suisse Saudi Arabia and has been granted a commencement letter for all activities authorised by the Capital Market Authority of Saudi Arabia.

The bank will deliver a full range of services such as private banking, investment banking and asset management services to its Saudi clients, said Eric Varvel, Credit Suisse chief executive officer of Europe, MEA.
 
"We are pleased to have expanded our presence in Saudi Arabia with the establishment of Credit Suisse Saudi Arabia," Varvel remarked.

"We are committed to our clients in the Middle East and the expansion of our platform in Saudi Arabia is an important step in the development of our Middle East franchise, he added.

Bassam Yammine, the co-chief executive officer of Credit Suisse in the Middle East, has been appointed the new CEO. He succeeds Sabah Al-Binali, who will remain on the board of Credit Suisse Saudi Arabia.

The bank will offer the full range of investment banking services across advisory, capital raising, structured finance, structured lending and dealing as agent in the Saudi stock market, said Yammine.

“Saudi Arabia is the dominant economy in the Gulf region and is a key growth market for Credit Suisse in the Middle East. We look forward to partnering with our local and international clients to capitalise on the significant opportunities presented by our expanded presence in the region,” he added.

Credit Suisse established a presence in Saudi Arabia in November 2005 and entered into a joint venture with experienced local partners in the Saudi Swiss Securities consortium.

Saudi Swiss Securities was one of the first entities to be awarded a local brokerage licence by the Capital Market Authority.

Credit Suisse is committed to the Middle East and has been involved in the region for four decades. It was one of the first foreign banks to establish operations in the area and today has offices in Dubai, Abu Dhabi, Doha, Riyadh, Beirut, Cairo, and Manama.-TradeArabia News Service