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Jeddah - Yasmine El Tohamy - RIYADH: Credit Suisse has opened a new branch in Riyadh as part of plans to strengthen its wealth management services in Saudi Arabia, the lender said Monday.
The bank said the new branch would enable customers to benefit from wealth management offerings consisting of lending services, foreign exchange and treasury products, account management and deposits, as well as access to investment banking services and international trading capabilities.
Credit Suisse has appointed Majid Al-Gwaiz as the Riyadh branch CEO.
He will be responsible for developing local solutions to serve high-net-worth customers, family-owned companies, government-related entities and Saudi corporations.
Credit Suisse Middle East and North Africa CEO Bruno Daher said: “I am excited to begin this new and important chapter in Saudi Arabia as we expand in this key growth market and invest in ways to better serve our clients in the region.”
He added that the bank looked forward to building on and enhancing its market position under Al-Gwaiz’s leadership.
Al-Gwaiz joined Credit Suisse last July. He was previously general manager of the corporate banking group at Al Rajhi Bank and, prior to that, was a non-executive board member of SABB Takaful.
Credit Suisse was granted a local license to operate in the Kingdom in 2019, both through retail and investment banking.
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