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November 10, 2008

Credit Suisse expands in the Middle East

by Richard Kilner

Story link: Credit Suisse expands in the Middle East

Investment bank Credit Suisse has today announced it has majority ownership of Saudi Swiss Securities, following which it has been renamed Credit Suisse Saudi Arabia.

The Capital Market Authority of Saudi Arabia has given the joint venture a commencement letter permitting all activities which the body authorises.

Credit Suisse Saudi Arabia’s new chief executive officer is Bassam Yammine, who will retain his present post as co-CEO of Credit Suisse in the Middle East.

Yammine succeeds Sabah al-Binali, who remains on the firm’s board.

Credit Suisse Saudi Arabia will cater to its clients needs in the fields of Private Banking, Investment Banking and Asset Management services.

It will provide a comprehensive range of investment banking and wealth management services, with local knowledge coupled with Credit Suisse’s worldwide product suite.

Europe, the Middle East and Africa CEO Eric Varvel has expressed the bank’s pleasure at its expansion in the region.

Bassam Yammine has echoed the sentiment, describing Saudi Arabia as the most dominant economy in the region and a key growth market for the bank.


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