Credit Suisse Hires New CEO For Saudi Commercial Bank Unit

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.