Credit Suisse Hires New CEO For Saudi Commercial Bank Unit
Credit Suisse is expanding after receiving a full banking license for the kingdom in April 2019
Credit Suisse Group AG hired Majid Al Gwaiz as the first chief executive officer of its commercial banking business in Saudi Arabia as the Swiss lender boosts its presence in the kingdom, according to people familiar with the matter.
Al Gwaiz, previously the general manager for corporate banking at Al Rajhi Bank in the country, will assume the role next month, the people said. A representative for Credit Suisse declined to comment.
Credit Suisse is expanding after receiving a full banking license for the kingdom in April 2019. Saudi Arabia is accelerating the process to allow more global banks to operate in the oil-rich state. The commercial banking permit is in addition to an investment banking license. Khalid Al Ghamdi is CEO of that business.
The Zurich-based bank appointed Wisam Alfreihi as head of investment banking and capital markets and also hired Hazem Shawki from Goldman Sachs Group Inc. to head investment banking for the Middle East, Africa and Turkey.
UAE Targets Islamic Finance And Halal Industry Growth As Bank Deposits Hit $162bn And $86bn Export Target Set
The UAE has launched a bold national strategy to boost Islamic finance and halal industry growth Read more
IHC Launches AI-native Reinsurance Platform RIQ From Abu Dhabi With $1bn Backing
IHC launches RIQ, a next-gen AI-driven reinsurance platform based in Abu Dhabi’s ADGM, backed by $1bn and supported b... Read more
Qatar Tax Authority Extends Fine Waiver Until August 31
Qatar’s General Tax Authority extends its 100 per cent Financial Penalty Exemption Initiative Read more
OpenAI In Discussions With UAEs MGX, Saudis PIF For Its $40bn Funding
Founder Sam Altman has also approached Mukesh Ambani’s Reliance Industries, reports The Information Read more
Sharjah Islamic Bank Strengthens Capital With New Sukuk
This most recent transaction marks the fifth listing by the Bank on Nasdaq Dubai, raising its total listed value on the... Read more
Worlds First Machine Economy Freezone To Launch In UAE
Pulsar Group and peaq unveil global first in UAE, setting the stage for decentralised, AI-powered smart cities Read more