Credit Suisse/Bloomberg

Credit Suisse hires new CEO for its Saudi Arabia unit

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Khalid Al Ghamdi is currently the Managing Director at Mizuho Saudi Arabia.

Tuesday 06, August 2019 BY KUDAKWASHE MUZORIWA

Credit Suisse has hired Khalid Al Ghamdi, the current Managing Director at Mizuho Saudi Arabia, as the bank’s new Saudi Arabia CEO.

Al Ghamdi’s appointment comes a month after the Swiss bank hired Hazem Shawki, a Goldman Sachs banker, as its new head of its Middle East, Turkey and Africa investment banking and capital markets division. 

The lender, traditionally strong in wealth management, is considering increasing its investment banking business in the Middle East's largest economy, given the Kingdom's growth ambitions under Vision 2030—which aims to wean Saudi Arabia’s economy from reliance on hydrocarbon economy.

The bank was recently received a full banking licence from the Saudi Arabia Monetary Authority.

Additionally, prior to his appointment at Mizuho, Al Ghamdi was acting CEO and head of investment banking at GIB Capital, where he covered various senior positions for over 13 years, reported Reuters.

TAGS : Credit Suisse, Vision 2030, Saudi Arabia Monetary Authority, Goldman Sachs, GIB Capital

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