The Swiss government will lead a delegation of bankers to Saudi Arabia next week, finews.com has learned. The visit had been postponed following the murder of Jamal Khashoggi, a regime critic.

A Swiss government-led banker visit to Saudi Arabia is back on, a source familiar with the trip told finews.com. The visit, which will also include a stop in Abu Dhabi, was planned for earlier this year, then quietly delayed after the murder of journalist and Saudi regime detractor Jamal Khashoggi in Istanbul last October.

Led by Swiss Finance Minister and current President Ueli Maurer, the trip is the latest in a series of hands-on government help for the alpine nation’s banking industry. Swiss banks are heavily invested in the kingdom: Credit Suisse CEO Tidjane Thiam personally submitted the Swiss bank’s application for a Saudi license. Both Credit Suisse and UBS won mandates on the listing of Saudi Aramco, which could raise as much as $100 billion. 

Buck Stops at Bin Salman

The upcoming visit, scheduled for October 27 to 29, is small: five bankers including Herbert Scheidt, chairman of Vontobel and industry head, will accompany Maurer in the second government-led delegation to hit the kingdom in less than two years, the person said. The visit follows a public relations offensive by Saudi Crown Prince Mohammad bin Salman (pictured below). 

MBS Keystone

(Image: Keystone)

Three weeks ago, bin Salman told a U.S. broadcaster that he ultimately holds responsibility for Khashoggi’s murder because it «happened on my watch». It isn't clear if the admission, the first time the crown prince has addressed the murder publicly, was what tipped the balance in favor of putting the Swiss banker trip back on the agenda.

Emirate and 1MDB

A spokesman for the Swiss finance ministry didn’t comment to finews.com. Riyadh, which hosts next year's G20 meeting, is reliant on foreign finance players as it diversifies its riches outside of oil. In July, the Swiss government eased a ban on air defense parts to Saudi Arabia. 

The Abu Dhabi visit could prove equally dicey: In June, two former board members of Falcon Private Bank were sentenced to lengthy prison terms over 1MDB, a $4 billion Malaysian graft scandal. Switzerland's prosecutor, which is probing the bank for allegedly failing to spot money laundering and corruption in its clientele, hasn't received legal assistance from the United Arab Emirates.