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July 6, 2009

Nomura begins operations in Saudi Arabia

by Richard Kilner

Story link: Nomura begins operations in Saudi Arabia

Global investment bank Nomura has commenced operations in Saudi Arabia after receiving the green light from the Middle Eastern Kingdom’s Capital Market Authority (CMA) permitting the bank to undertake a number of securities businesses in the country.

Clients in Saudi Arabia will now be able to use Nomura for corporate finance, capital markets and wealth management services, with the bank also able to operate as an agent for overseas securities.

Nomura’s Middle East and Africa CEO Philip Lynch has explained that Saudi Arabia is a critical market for the firm’s regional strategy as it accounts for about half of GCC GDP.

Lynch went on to state that Saudi Arabia was undergoing a process of deregulation and modernisation in its financial sector.

Last month Morgan Stanley Saudi Arabia began to participate in equity trading in the Kingdom, and late last year Credit Suisse announced it had attained a majority stake in Saudi Swiss Securities (now Credit Suisse Saudi Arabia).

 

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Related stories to: Nomura begins operations in Saudi Arabia

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