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Credit Suisse taps Saudi wealth market with new licence

News Team, 25/04/2019

Credit Suisse is to be granted a banking licence to operate in Saudi Arabia, as the Swiss wealth manager looks to expand its share in one of the wealthiest Middle Eastern nations.

The issuance was confirmed yesterday (24 April) by Saudi Arabia finance minister Mohammed al-Jadaan.

In its 2018 Annual Report, Credit Suisse listed the Middle East and Africa as its fastest-growing private banking market over the next three years, with projected asset growth of eight percent per annum.

Credit Suisse will join Western banks already licensed in the region including BNP Paribas, JP Morgan, and Deutsche Bank

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