Riyadh – Mubasher: Bloomberg on Wednesday announced that Credit Suisse Group AG planned to expand in Saudi Arabia.

“The Zurich-based bank established a platform allowing it to offer private banking services and products in the country, according to an emailed statement from the company”, Bloomberg added.

“Credit Suisse is further expanding and investing in its business in Saudi Arabia, a key growth market and of great importance to international wealth management,” head of the Zurich-based bank in the Middle East Bruno Daher said.

The bank allocated about $600 million of its capital to invest and expand in Saudi Arabia, the agency said citing sources as saying in the beginning of 2017.

The Zurich-based bank seeks to get a licence from the Saudi Arabian Monetary Agency (SAMA) to inaugurate some branches in the GCC Kingdom.