Credit Suisse buys Saudi Swiss

Credit Suisse yesterday announced 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 authorised by the Capital Market Authority of the Kingdom of Saudi Arabia, a statement said.

Bassam Yammine has been appointed CEO of Credit Suisse Saudi Arabia. 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, said, "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 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 Saudi Arabia.

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