Credit Suisse’s chief executive, Tidjane Thiam, has confirmed information that the Swiss bank is seeking a full banking license in the Kingdom of Saudi Arabia, Reuters has reported.

 

“I have been to Riyadh, I met the head of SAMA (the Saudi Arabian Monetary Authority), I made the application myself,” Thiam said during the bank’s Q2 news conference.

 

An increasing number of global banks and fund managers are looking to expand in the Kingdom since the government unveiled its privatization plan.

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