The FINANCIAL — Credit Suisse on November 10 announces its majority ownership of Saudi Swiss Securities. The Bank's joint venture in Saudi Arabia has been renamed Credit Suisse Saudi Arabia and has been granted a commencement letter for all activities authorized by the Capital Market Authority of the Kingdom of Saudi Arabia.
Bassam Yammine has been appointed CEO of Credit Suisse Saudi Arabia. Mr. Yammine assumes this position in addition to his current responsibilities as Co-CEO of Credit Suisse in the Middle East. Bassam Yammine succeeds Sabah al-Binali, who will remain on the Board of Credit Suisse Saudi Arabia.
Credit Suisse Saudi Arabia will deliver Private Banking, Investment Banking and Asset Management services to the Bank's clients. Credit Suisse will offer the full range of investment banking services across advisory, capital raising, structured finance, structured lending and dealing as agent in the Saudi stock market, as well as a comprehensive range of wealth management products and advisory services locally and access to the global product range of Credit Suisse.
Eric Varvel, Chief Executive Officer of Europe, the Middle East and Africa for Credit Suisse, said, "We are pleased to have expanded our presence in Saudi Arabia with the establishment of Credit Suisse Saudi Arabia. We are committed to our clients in the Middle East and the expansion of our platform in Saudi Arabia is an important step in the development of our Middle East franchise."
Bassam Yammine, CEO of Credit Suisse Saudi Arabia and Co-CEO of Credit Suisse in the Middle East added, "Saudi Arabia is the dominant economy in the Gulf region and is a key growth market for Credit Suisse in the Middle East. We look forward to partnering with our local and international clients to capitalise on the significant opportunities presented by our expanded presence in the region."
Credit Suisse established a presence in Saudi Arabia in November 2005 and entered into a joint venture with experienced local partners in the Saudi Swiss Securities consortium. Saudi Swiss Securities was one of the first entities to be awarded a local brokerage license by the Capital Market Authority of the Kingdom of Saudi Arabia.
Credit Suisse is very committed to the Middle East and has been involved in the region for four decades. It was one of the first foreign banks to establish operations in the area and today has offices in Dubai, Abu Dhabi, Doha, Riyadh, Beirut, Cairo, and Manama.