Saudi Swiss Securities Licensed for Investment Banking
Saffar, a regional financial services company, is pleased to announce that Saudi Swiss Securities was awarded the following licenses by the Capital Market Authority (CMA): dealing as principal, underwriter, managing, arranging, advising and custody in the securities business. Saudi Swiss Securities, part of the ABQ Investments Group portfolio, was previously granted the license to deal as agent. The CMA also approved a change of name to Credit Suisse Saudi Arabia.
Saffar manages the ABQ Investments portfolio of companies which now covers five countries in the MENA region. Saffar continues to seek to enhance the value of the portfolio and promote the strategy of developing regionally integrated, high quality financial service businesses in the Middle East.
“Saffar is pleased to see our concept for a regional investment bank come to fruition. Credit Suisse, one of founding shareholders in the entity, will increase its shareholding in the newly licensed investment bank to majority. We are confident that the comprehensive range of products and services the bank will offer will make CS Saudi Arabia one of the leading investment banks in the Kingdom” said Mishaal Al-Usaimi, CEO of Saffar.
Saffar developed the concept for a regional investment bank and launched its vision with the Saudi Arabian market. Initially called Saudi Swiss Securities, Saffar has managed the evolution of the company on behalf of its parent, ABQ Investments, from its inception to being granted one of the first three licenses by the CMA. Saffar directed aspects of the operational set-up and licensing of the institution. With the move to majority, Credit Suisse will now assume management of Credit Suisse Saudi Arabia.
Credit Suisse Saudi Arabia draws on the strength of its shareholders: Credit Suisse AG, Olayan Financing Company, Ali Zaid Al Quraishi & Brothers Company, Sheik Mohammed Abalkhail, Omran Bin Mohammed Al Omran & Partners Company, Dr. Saleh Al Omair and ABQ Investments Ltd.
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