In Swiss banking circles, Saudi Arabia is considered a treasure trove, despite the harsh political reality in the kingdom. The latest bank to consider offering its services in Riyadh is Swissquote, Switzerland’s leading online bank.

Swissquote has been active in Dubai for a decade already, but now the Gland-based firm wants to go one step further in its quest to establish a more global presence. Marc Buerki, co-founder and CEO of Swissquote, told the «Arabian Business» news outlet that he had cast an eye on Saudi Arabia, the biggest country in the region.

Major Push Into Asia

Saudi Arabia, which currently is opening its markets to the outside business world, is «interesting» for a company such as Swissquote, Buerki said. It may yet be a little too early to open a representation in Riyadh, Buerki said, adding that not doing business in Saudi Arabia was akin doing business in Europe, but not in Germany.

In Dubai, Swissquote mainly serves European clients based in the emirate. Over the past months, Swissquote has stepped up its expansion bid abroad, with a major push into Asia underway. It already has an office in Hong Kong and recently opened a new bureau in Singapore.

Fin-Min-Delegation

The Swiss banking community is vying for business in Saudi Arabia despite the murder on Saudi journalist Jamal Khashoggi and the war in Yemen, with the lure of the petrodollars taking precedence over moral considerations.

Swiss Finance Minister Ueli Maurer in October led a delegation on a visit to Riyadh, with several bankers joining him on the trip.