Swiss banking group Credit Suisse has launched a branch in the Saudi capital of Riyadh to expand its wealth management operations in the kingdom.

The move follows the receipt of a local banking licence by Credit Suisse in the kingdom in 2019.

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The new Riyadh outpost will offer a range of wealth management services to Saudi Arabian clients.

These include foreign exchange and treasury products, account management and deposits, along with lending services.

In addition to these services, the bank already offers local and international trading capabilities and investment banking services, which these clients will continue to access.

Majid Al-Gwaiz will lead the Riyadh location as its CEO and report to Credit Suisse CEO of Middle East and North Africa Bruno Daher.

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In the new role, Al-Gwaiz will be tasked with serving HNW and UHNW clients, family owned companies, government and government-related entities and Saudi corporations by developing local solutions and building upon business area initiatives.

Daher welcomed the latest development, calling Saudi Arabia a key growth market.

“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,” Daher noted.

Credit Suisse entered the kingdom of Saudi Arabia in 2005, with its Middle East presence dating back to 1967.

Saudi moves by other firms

Recently, various firms have tapped the Saudi market. In October last year, BNY Mellon collaborated with NCB Capital to offer custody and associated asset servicing activities in Saudi Arabia.

Through the partnership, BNY Mellon looks to serve institutional as well as large asset owners in the country.

Meanwhile, earlier in 2020, French investment bank Natixis launched a Corporate & Investment Banking office in Riyadh, Saudi Arabia, after obtaining a licence from the country’s Capital Markets Authority (CMA).