Switzerland's second-largest bank is expanding in Saudia Arabia, naming its first top commercial banker in the oil-rich kingdom.
Credit Suisse is naming Majid Al Gwaiz as CEO of its commercial banking activities in Saudi Arabia, effective from Wednesday, «Bloomberg» reported on Wednesday. The Swiss bank poached Al Gwaiz from Al Rajhi Bank, where he was a general manager in corporate banking.
The kingdom is a key market for both Switzerland's big banks, and the Swiss government has even thrown its support behind efforts to do business in Saudi Arabia. The relationship has become complicated since the 2018 murder of journalist and Saudi regime critic Jamal Khashoggi.
Growth vs Politically Dicey
Recent hires Khalid Al Ghamdi from Mizuho as its new head of Saudi Arabia, and Goldman Sachs' Hazem Shawki as head of investment banking and capital markets in the Middle East, Turkey and Africa indicate the Swiss bank is keen to play part in the kingdom's attempts to reduce its dependence on oil, despite the political diciness.
Credit Suisse, whose major shareholder, the Olayan Group, is based in Riyadh, found itself sidelined in Saudi Aramco's trimmed-down initial public offering last year. The Swiss bank won a banking license in the kingdom last April.
