Credit Suisse has opened an office in Riyadh in a bid to strengthen its Saudi Arabia operation.
The branch will allow Saudi Arabian clients to benefit from an extended wealth management offering which is comprised of lending services, foreign exchange and treasury products, account management and deposits.
Clients will continue to be able to access the existing range of local and international trading capabilities as well as investment banking services.
Majid Al-Gwaiz will act as chief executive of the Riyadh branch and will be responsible for driving the strategy, building upon business area initiatives and developing local solutions to serve high net worth and ultra-high net worth clients, family-owned companies, government and government-related entities and Saudi corporations.
He is chief executive of Credit Suisse’s commercial banking activities in Saudi Arabia after joining from Al Rajhi Bank, where Al-Gwaiz was a general manager in corporate banking.
‘Key growth market’
Bruno Daher, chief executive of Middle East and North Africa at Credit Suisse, said: “I am excited to begin this new and important chapter in Saudi Arabia as we expand in this key growth market and invest in ways to better serve our clients in the region.
“Under Majid’s leadership, we look forward to building on and enhancing our current market position while providing an integrated banking experience for our high net worth individuals and institutional clients in Saudi Arabia.”
Credit Suisse has had a presence in the Middle East since 1967 and has been operating in Saudi Arabia since 2005.
The offering has been granted through the local Saudi Central Bank (SAMA).
