Credit Suisse announced today the opening of its first branch in Riyadh following the bank's securing of a Saudi banking license in 2019.

The Swiss bank's HNW offering will, the firm said, offer Saudi clients a wider range of financial servies.

The new services will include foreign exchange, lending and account management.

Credit Suisse has been operating in Saudi Arabia since 2005. 

Bruno Daher, CEO of Middle East and North Africa at Credit Suisse, 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."

"Under Majid's leadership, we look forward to building on and enhancing our current market position while providing an integrated banking experience for our high net worth individuals and institutional clients in Saudi Arabia."

Majid A. Al-Gwaiz will act as CEO of the Riyadh branch and will be responsible for driving the strategy, building upon business area initiatives and developing local solutions to serve high-net-worth and ultra-high-net-worth clients, family owned companies, government and government-related entities and Saudi corporations.

Al-Gwaiz, who reports to Bruno Daher, CEO of Middle East and North Africa at Credit Suisse, joined Credit Suisse in July 2020.

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