Investment

Credit Suisse acquires Saudi banking licence

Credit Suisse/Bloomberg

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In July 2018, Tidjane Thiam, the Chief Executive of Credit Suisse said that he travelled personally to Saudi Arabia to file the application.

Thursday 25, April 2019

(Bloomberg) -- The Governor of Saudi Arabian Monetary Authority (SAMA) said that Credit Suisse has acquired Saudi banking licence as the Kingdom is speeding up the process to allow more global banks to operate in country.

Ahmed Alkholifey, the Governor of SAMA, said, “The last three licences, one of which today was announced by the minister of finance, took less than a month, there is a change, a quick change really taking place when it comes to licencing and we are opening the system more and more.”

The Swiss lender will join competitors such as Citigroup, JPMorgan Chase and HSBC Holdings in expanding into the country, which is saw some of the world’s biggest deals this year.

“The incoming new players from international banks come for opportunities because they know there are huge projects taking place,” Alkholifey said.

Alkholifey also said at present there are no more requests for mergers in the banking sector.

National Commercial Bank (NCB), Saudi Arabia’s biggest lender, started initial talks with Riyad Bank for a merger in December, while Saudi British Bank and Alawwal Bank are in the process of combining.

 

TAGS : Credit Suisse, SAMA, Saudi baking license , M&A

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