The ramp up in recruitment comes after the Zurich-based bank set up a platform that allows it to offer private banking services and products in the country, according to newswire Bloomberg, citing an email response from Credit Suisse.
The email from Bruno Daher, head of the Swiss bank’s as-of-yet unnamed platform business in the Middle East, said: “Credit Suisse is further expanding and investing in its business in Saudi Arabia, a key growth market and of great importance to international wealth management.
“We consider the onshore private banking presence as a natural progression to further build our local footprint.’’
Banking licence
Credit Suisse is still seeking a banking license for Saudi Arabia that would allow it to open branches in the kingdom.
Banking licences have already been granted to JPMorgan Chase & Co., Deutsche Bank and BNP Paribas.
Currently, HSBC, Royal Bank of Scotland and Credit Agricole operate in the country through minority stakes in local lenders.
The Zurich-based lender allocated about $600m (£460m, €520m) of its capital to expand in the Gulf nation, Bloomberg reported people familiar with the matter saying early this year.
The bank, which already has a securities and equities business in the kingdom, plans to use some of the money to offer investors Lombard loans, which are backed by liquid assets such as stocks, the people said.
Such loans could help facilitate trading in local equities, Credit Suisse said.
