Credit Suisse strengthens wealth management services in Saudi Arabia

By Edil Corneille

Credit Suisse has opened a Credit Suisse AG branch in Riyadh, strengthening its Saudi Arabia franchise, further growing its footprint in the Middle East and providing enhanced banking and financial solutions capabilities for clients locally.

The new branch will allow Saudi Arabian clients to benefit from an extended wealth management offering which is comprised of lending services, foreign exchange and treasury products, account management and deposits. Clients will continue to be able to access the existing range of local and international trading capabilities as well as investment banking services.

Majid A. Al-Gwaiz will act as CEO of the Riyadh Branch and will be responsible for driving the strategy, building upon business area initiatives and developing local solutions to serve high-net-worth and ultra-high-net-worth clients, family-owned companies, government and government-related entities and Saudi corporations. Al-Gwaiz, who reports to Bruno Daher, CEO of Middle East and North Africa at Credit Suisse, joined Credit Suisse in July 2020.

Bruno Daher, CEO of Middle East and North Africa at Credit Suisse, said: “I am excited to begin this new and important chapter in Saudi Arabia as we expand in this key growth market and invest in ways to better serve our clients in the region. 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.”

Credit Suisse has had a presence in the Middle East since 1967 and has been operating in Saudi Arabia since 2005. The company has mentioned that the latest development is a natural progression to further build the local footprint and reflects Credit Suisse’s growth ambitions in the region. The new offering has been granted through the local Saudi Central Bank (SAMA).