Swiss bankers including Credit Suisse's Thomas Gottstein wrapped up a Swiss government-led visit to Saudi Arabia. The group talked sustainability with crown prince Mohamad bin Salman and took in women's basketball.

A delegation led by Swiss finance minister Ueli Maurer on Tuesday wrapped up a trip to Saudi Arabia and the United Arab Emirates, the Swiss government said in a statement on Tuesday (in German). The group including top Credit Suisse Swiss banker Thomas Gottstein and UBS private banker Ali Janoudi met with Saudi crown prince Mohammed bin Salman and other dignitaries during the three-day visit.

«Besides bilateral relations, questions of sustainability were at the center of discussions in both countries,» the government said. The visit coincided with a glitzy annual bin Salman-backed summit dubbed «Davos in the Desert» for its attempts to attract investment to the oil-rich kingdom. 

Swiss-Saudi Ties

Swiss banks are heavily invested in Saudi Arabia, but their relationship was complicated by the murder of Saudi regime critic Jamal Khashoggi last October. Both Credit Suisse and UBS won mandates on Aramco, a listing reportedly set for next month which could raise as much as $100 billion. 

Each is keenly interested in expanding their share with Saudi Arabia's wealthy. Credit Suisse's major shareholder, the Olayan Group, is based in Riyadh. CEO Tidjane Thiam attended the Saudi investment summit after staying away last year, but wasn't part of the official Swiss delegation.

Reform Efforts Lauded

The Saudi crown prince recently said he ultimately holds responsibility for Khashoggi's murder because it «happened on my watch». Swiss finance minister Maurer, who currently holds a rotating presidency, highlighted bin Salman's reform efforts as a chance for Switzerland and Saudi Arabia to work together on sustainable finance, education, and innovation.

The oil-rich kingdom is seeking to lessen its reliance on its main export as part of the crown prince's «Vision 2030» plan. «The talks in the UAE as well as Saudi Arabia included questions of rule of law, democracy, human rights, the political situation, and Switzerland's good services,» Bern said, without elaborating.

Basketball Ties

The government didn't disclose whether it directly addressed Khashoggi's murder with bin Salman, or whether it brought up 1MDB in the UAE. Two prominent former state fund executives of the emirate who formerly sat on the board of Swiss Falcon Private Bank were sentenced to lengthy prison terms earlier this year over the graft scandal. 

Besides Gottstein and Janoudi, the Swiss delegation was composed of banking lobby head (and Vontobel Chairman) Herbert Scheidt, Genevan cantonal bank CEO Blaise Goetschin, stock exchange group boss Jos Dijsselhof, UBS banker-turned-lobbyist August Benz, and top Swiss finance diplomat Daniela Stoffel.

Maurer also visited a training session of Saudi Arabia's national women's basketball team, the government said – and invited the women to a Swiss training camp. A swath of prominent bankers made the pilgrimage to Riyadh this week for the investment summit, including Citi CEO Mike Corbat, BlackRock boss Larry Fink, and Blackstone CEO Steve Schwarzman.