Credit Suisse hires private bankers for Saudi expansion

Zurich-based Credit Suisse Group AG is looking to hire more relationship managers in Saudi Arabia as the bank eyes further expansion in the country, Bloomberg reported.

“Credit Suisse is further expanding and investing in its business in Saudi Arabia, a key growth market and of great importance to international wealth management,” Bruno Daher, head of private banking in the Middle East, was quoted as saying.

“We consider the onshore private banking presence as a natural progression to further build our local footprint,” he added.

The Swiss lender had recently committed $600 million of its own capital to expand operations in Saudi Arabia.

Credit Suisse is also seeking a banking license for Saudi Arabia that would allow it to open branches in the country. JP Morgan Chase & Co., Deutsche Bank AG and BNP Paribas SA already have such licenses while HSBC Holdings Plc, Royal Bank of Scotland Group Plc and Credit Agricole SA operate in the country through minority stakes in local lenders, the report said.

Global banks have stepped up their expansion efforts in Saudi Arabia, where the government is planning to enlist the private sector in its diversification program.