Saudi Fee Riches Will Keep Citigroup, Credit Suisse Waiting
- Global banks still earning more in the U.A.E. than in kingdom
- Citigroup said to seek bank license after 13 year absence
Riyadh, Saudi Arabia
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Saudi Arabia and its ambitious reform plans are the focus of all the hype in Middle Eastern financial circles these days, but it’s still in the United Arab Emirates where banks are earning most of their money.
Investment banking fees paid to lenders in the U.A.E. were 45 percent higher than in the kingdom last year, according to New York-based research firm Freeman & Co. Saudi Arabia has trailed the U.A.E. for fees earned from merger and acquisitions, equity capital market and financing deals since 2011, and is off to a slower start this year, according to the data.