Further its expansion and capture a share of Saudi Arabia’s «Vision 2030», Credit Suisse names its new CEO for the market.
Khalid Al Ghamdi is reportedly expected to join in the new role from Mizuho Saudi Arabia where he is a managing director, according to a «Reuters» report. The hire follows the addition of Hazem Hawki, an ex-Goldman Sachs banker, who joined one month ago as Credit Suisse’s investment banking and capital markets head of the Middle East, Turkey, and Africa.
Prior to joining Mizuho 19 months ago, Al Ghamdi was acting CEO and head of investment banking at GIB capital in various senior positions for over 13 years. Credit Suisse quietly clinched a banking license in Saudi Arabia three months ago. New private banking head Philipp Wehle voiced his hopes for business in the kingdom three weeks ago.
Business vs Politics
CEO Tidjane Thiam has walked a tightrope since the murder last year of journalist and Saudi regime critic Jamal Khashoggi. Credit Suisse's major shareholder, the Olayan Group, is based in Riyadh. The hires of Al Ghamdi and Hazem Shawki a month ago indicate the Swiss bank is keen to play part in the kingdom's attempts to reduce its dependence on oil, despite the political diciness.
The kingdom is a key market for both Switzerland's big banks, and the Swiss government has even thrown its support behind efforts to do business in Saudi Arabia. A United Nations special rapporteur said it found sufficient evidence to believe Saudi Crown Prince Mohammed bin Salman was linked to Khashoggi's death.
