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Banking Saudi finance minister greenlights Credit Suisse bank licence

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Last year, the bank posted its first annual profit in four years.

(Keystone)

Switzerland’s banking giant Credit Suisse will obtain its long-coveted banking license in Saudi Arabia.

According to Swiss news agency AWP, the Saudi Minister of Finance said on Wednesday that the relevant license would be issued to the major bank. The news agency report did not state when.

The bank had already been applying for a full banking license in the largest economy in the Middle East for some time. Its top executive Tidjane Thiam said he had travelled to the country personally.

Thiam had cancelled his participation in a Saudi investor conference last autumn - as had some other economic leaders – due to the uproar sparked by the killing of Saudi journalist Jamal Khasshogi in the Arab nation’s consulate in Istanbul, Turkey.

Keystone-SDA/ds

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