Credit Suisse is hiring additional relationship managers as it joins other private banks in going after the oil-rich kingdom's wealthy.
Switzerland's second-largest bank is planning to hire more private bankers in Saudi Arabia. The plans mirror fellow European lender Deutsche Bank, which also recently flagged up the Middle Eastern nation as a prime target for their wealth management businesses.
Saudi Arabia has pledged to enlist the private sector in its plan to diversify the economy away from just oil, and a surge in private wealth in the kingdom has been attracting the attention of global wealth managers.
Seeking License
However Credit Suisse (CS) is still seeking a banking license for Saudi Arabia that would allow it to open branches in the kingdom. Rivals such as HSBC, J.P. Morgan, BNP Paribas and Credit Agricole already have established operations in the country via minority holdings in local lenders.
The recruitment drive comes after the Zurich-based bank established a platform allowing it to offer private banking services and products in the country, «Bloomberg» reported.
Onshore Target
«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,» Bruno Daher, head of that business in the Middle East, said in a statement.
«We consider the onshore private banking presence as a natural progression to further build our local footprint,» Daher added.
