Credit Suisse has poached a senior banker from arch-rival UBS to fill the position as head of private banking in Saudi Arabia. The appointment shows the bank is optimistic that the kingdom will solve the political problems stemming from the murder of Jamal Kashoggi.
Zurich-based Credit Suisse appointed Dominique Leimer as head of the onshore private banking in Saudi Arabia, according to a report by «Bloomberg». He currently works for UBS in Dubai. Credit Suisse confirmed the hiring, the report said.
Leimer will be based in Riad and will have to hire local bankers to cater to wealthy clients in the kingdom. Leimer (pictured left) has worked for Credit Suisse in the past, with a position at the office in Dubai, according to his profile on LinkedIn.
He later joined Swiss private bank Julius Baer, before starting his own business. He then went on to work for UBS and will now move back to Credit Suisse.
Credit Suisse is one of the banks eager to expand its business in Saudi Arabia. The murder of journalist Jamal Kashoggi in the Saudi consulate in Istanbul and the subsequent political upheaval, together with the bloody civil war in neighboring Yemen, have not helped the ambitions of the bank.
