Credit Suisse has hired an equities expert to help drive its expansion into the Middle East Kingdom. The trader has been poached from a Russian investment bank.
Ahmed Badr is rejoining Credit Suisse to help build its share trading business in Saudi Arabia, news agency «Bloomberg» reported, citing person familiar with the situation. Badr is thus leaving the Russian investment bank Renaissance Capital to rejoin his old employer.
The equity market in Saudi Arabia is poised for a boom, according to the news agency. The country is expected to be added to the emerging market indices of MSCI and FTSE Russell, and this should attract new investment money inflows.
From London to Riad
Saudi Arabia represents an important strategic market, over and above the equities market, as finews.asia recently reported. The bank has already applied for a banking license and is competing for clients with capital investments and a local presence.
Badr worked in Dubai for Credit Suisse for seven years up to 2014, rising to head of share trading in the region. Now he returns to the bank as managing director. The equities trader Karim Osman will also relocate from London to Riad, and two more employees will be hired to assist him, «Bloomberg» reported.
