Merrill Lynch has received a banking licence from the Capital Markets Authority to operate in Saudi Arabia.

The licence will allow Merrill Lynch to offer its domestic and global clients a full suite of global markets, investment banking products and wealth management solutions,  including M&A advisory, structured finance, equity and debt capital market solutions, said a top company official.

Merrill Lynch President and Chief Operating Officer Ahmass Fakahany expressed delight at being awarded the banking licence from the CMA to operate in the Kingdom.

'Riyadh is a critical regional hub for financial services and we are looking forward to growing our presence in the Kingdom and continuing to provide world class products and solutions to our clients,” he said.

Jeffrey Culpepper, head of Global Markets and Investment Banking, Middle East and North Africa said:  “Today’s emerging markets are tomorrow’s established markets. Riyadh has acknowledged the role it can play in developing the financial services sector of the Middle East.”

Eva Castillo, head of Global Private Client, Europe, Middle East and Africa said: “This licence represents a significant step for the firm which builds on our 45-year commitment to the region. We are excited about the expansion opportunity for Merrill Lynch in the Kingdom of Saudi Arabia.” TradeArabia News Service