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Credit Suisse in Talks for Full Saudi Arabia Banking License

  • Swiss bank in talks with SAMA to secure key banking license
  • Lender manages $72 billion Mideast private banking assets
Updated on

Credit Suisse Group AG is seeking to secure a key banking license in Saudi Arabia as part of plans to expand in the kingdom.

The Zurich-based bank, which has a securities and equities business in the country, is in talks with the central bank for an onshore license, Iqbal Khan, head of the bank’s international wealth-management business, said in an interview in Dubai. About a dozen international lenders, including Deutsche Bank AG and JPMorgan Chase & Co., currently hold the license, which allows banks to operate branches and take deposits in local currency.