Societe Generale eyes 'very large' Saudi deals in 2018

Paris-based Societe Generale SA is expecting to be part of some “very large” deals expected in Saudi Arabia this year, Bloomberg reported, citing Richad Soundardjee, the bank’s chief executive officer for the Middle East.

“Saudi is the next big thing for us, so you will see us much more around very large Saudi Arabia transactions this year,” Richad Soundardjee told Bloomberg TV on Monday.

“We have reached a level of dialogue with the Saudi government that allows us to be more optimistic for the future,” he added.

The French bank is planning to announce six new appointments in the Middle East across areas including structured finance, export finance and fixed income. Four of these new positions will be in Dubai, its Middle East hub.

Several regional and international banks such as First Abu Dhabi Bank, JP Morgan Chase, Deutsche Bank, and Citi, are planning to expand their team in the Kingdom, as the country undertakes a series of reforms to diversify its economy and privatize state-owned assets.

A key draw for foreign banks is the proposed listing of a 5 percent stake in oil giant Saudi Aramco, which is expected to raise $100 billion.