Riyadh – Mubasher: Switzerland-based bank Credit Suisse has submitted a request to Saudi authorities to obtain a full licence in a bid to expand its investments in the GCC country during the coming period, CEO Tidjane Thiam said.
Thiam met with the Saudi Arabian Monetary Authority’s (SAMA) governor Ahmed Abdulkarim Alkholifey to apply for the banking licence, according to Reuters.
In July 2017, media sources stated that the Swiss lender plans to appoint some of general managers in Saudi Arabia in an effort to boost investments in the oil-rich nation.
Bankers previously said that the Swiss bank’s close ties with Qatar could pose a risk for winning further Saudi business. It is worth noting that the Qatar Investment Authority (QIA) sovereign wealth fund owns a 4.94% stake in Credit Suisse.
Since 5 June 2017, Qatar has been facing outflows of foreign customers' deposits after four Arab countries led by Saudi Arabia cut off their diplomatic and trade ties with the gas-rich state, accusing Qatar of financing terrorism.
The lender's CEO denied facing any issues in the kingdom related to these ties, adding that there weren't delays or issues in the application process.
