Credit Suisse is poaching a Mizuho banker as its new CEO in Saudi Arabia. The kingdom represents a focal point for the Swiss bank – both for wealth management and investment banking.
The Swiss bank is hiring Khalid Al Ghamdi away from Mizuho as its new head of Saudi Arabia, «Reuters» reported on Tuesday. The hire follows that of Hazem Shawki, 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 hire of Al Ghamdi and Shawki 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. An United Nations special rapporteur said it found sufficient evidence to believe Saudi Crown Prince Mohammed bin Salman was linked to Khashoggi's death.
