Credit Suisse expands Saudi operations after securing banking license

Credit Suisse said on Monday it had opened a branch in Riyadh to offer wealthy Saudi Arabian clients a greater range of financial services, after obtaining a local banking license in 2019.

The bank, which has been offering investment banking, asset management and other services in Saudi Arabia since 2005, will now provide services such as lending, foreign exchange and treasury products, account management and deposits, it said in a statement.

Western financial institutions have been seeking opportunities in Saudi Arabia since the government unveiled plans to privatise state assets and introduced reforms to attract foreign capital under its Vision 2030 programme to reduce the economy's dependence on oil.