Riyadh – Mubasher: Credit Suisse Group AG on Monday confirmed the resignation of its CEO in Saudi Arabia, Abdulaziz Bin Hassan, and the decision is projected to come into effect in 2019, informed sources said.

Bin Hassan has already submitted his resignation, the sources told Bloomberg News.

The giant Swiss lender and the Saudi official declined to give a comment, the New York-based news agency said.

On 19 December, Credit Suisse Group announced the appointment of Dominique Leimer from UBS Group to manage the Switzerland-based bank’s office in the oil-rich kingdom.

In July, the Swiss lender submitted a request to Saudi authorities to obtain a full licence in a bid to expand its investments in the GCC country over the coming period.

In 2017, Credit Suisse unveiled plans to expand in Saudi Arabia by allocating around $600 million of its capital.