Credit Suisse announced the opening of a new branch in Riyadh to boost wealth management services in Saudi Arabia.
According to Arabiyanet, Majed Al-Quwiz has been appointed as CEO of Credit Suisse in Riyadh.
The Credit Suisse Group has been present in the Middle East since 1967, and has operated its operations in Saudi Arabia since 2005.
The CEO of Credit Suisse, Thomas Gottstein, had predicted, last September, further integration in the European banking sector despite regulatory obstacles to cross-border deals.
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He added at the time: We have negative interest rates on the side, which will put more pressure on net interest margins for all parties within the Swiss franc, the euro area and other European countries. Meanwhile there are a lot of bank branches in many countries.
He continued, so I think that the merger will continue, indicating that he expects to see deals within the markets as well as across borders.
Despite the increase in the hurdles associated with tighter regulatory requirements and measures to prevent failure of large companies, Guchstein said that such deals are very logical in principle.
