Credit Suisse Group is planning to hire more relationship managers in Saudi Arabia, joining rivals including Deutsche Bank in designating the country as a priority for their wealth management businesses.
The recruitment drive comes after 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.
“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,” Bruno Daher, head of that business in the Middle East, said in the statement. “We consider the onshore private banking presence as a natural progression to further build our local footprint.’’
The Swiss lender is among global banks seeking to profit from an expected surge in private wealth in the kingdom, where the government has pledged to enlist the private sector in its plan to diversify the economy away from oil. Deutsche Bank is preparing to “massively expand” its product offering and hire relationship managers in the kingdom, Peter Hinder, head of EMEA Wealth Management, said in an interview this month.
Credit Suisse is still seeking a banking license for Saudi Arabia that would allow it to open branches in the kingdom. JPMorgan Chase & Co., Deutsche Bank and BNP Paribas already have such licenses while HSBC Holdings , Royal Bank of Scotland Group and Credit Agricole operate in the country through minority stakes in local lenders.
The Zurich-based lender has allocated about US$600 million of its capital to expand its business in the kingdom, people familiar with the matter said early this year. The bank, which has a securities and equities business in the kingdom, plans to use some of the money to offer investors Lombard loans, which are backed by liquid assets such as stocks, the people said. Such loans could help facilitate trading in local equities, they said.
*Bloomberg
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%3Cp%3E%3Cstrong%3EDirector%3A%20%3C%2Fstrong%3EEric%20Barbier%26nbsp%3B%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStarring%3A%20%3C%2Fstrong%3EYoussef%20Hajdi%2C%20Nadia%20Benzakour%2C%20Yasser%20Drief%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ERating%3A%3C%2Fstrong%3E%204%2F5%3C%2Fp%3E%0A
The White Lotus: Season three
Creator: Mike White
Starring: Walton Goggins, Jason Isaacs, Natasha Rothwell
Rating: 4.5/5
MATCH INFO
Uefa Champions League quarter-final, second leg (first-leg score):
Manchester City (0) v Tottenham Hotspur (1), Wednesday, 11pm UAE
Match is on BeIN Sports
Banned items
Dubai Police has also issued a list of banned items at the ground on Sunday. These include:
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Political flags or banners
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Bikes, skateboards or scooters
The smuggler
Eldarir had arrived at JFK in January 2020 with three suitcases, containing goods he valued at $300, when he was directed to a search area.
Officers found 41 gold artefacts among the bags, including amulets from a funerary set which prepared the deceased for the afterlife.
Also found was a cartouche of a Ptolemaic king on a relief that was originally part of a royal building or temple.
The largest single group of items found in Eldarir’s cases were 400 shabtis, or figurines.
Khouli conviction
Khouli smuggled items into the US by making false declarations to customs about the country of origin and value of the items.
According to Immigration and Customs Enforcement, he provided “false provenances which stated that [two] Egyptian antiquities were part of a collection assembled by Khouli's father in Israel in the 1960s” when in fact “Khouli acquired the Egyptian antiquities from other dealers”.
He was sentenced to one year of probation, six months of home confinement and 200 hours of community service in 2012 after admitting buying and smuggling Egyptian antiquities, including coffins, funerary boats and limestone figures.
For sale
A number of other items said to come from the collection of Ezeldeen Taha Eldarir are currently or recently for sale.
Their provenance is described in near identical terms as the British Museum shabti: bought from Salahaddin Sirmali, "authenticated and appraised" by Hossen Rashed, then imported to the US in 1948.
- An Egyptian Mummy mask dating from 700BC-30BC, is on offer for £11,807 ($15,275) online by a seller in Mexico
- A coffin lid dating back to 664BC-332BC was offered for sale by a Colorado-based art dealer, with a starting price of $65,000
- A shabti that was on sale through a Chicago-based coin dealer, dating from 1567BC-1085BC, is up for $1,950
How to wear a kandura
Dos
- Wear the right fabric for the right season and occasion
- Always ask for the dress code if you don’t know
- Wear a white kandura, white ghutra / shemagh (headwear) and black shoes for work
- Wear 100 per cent cotton under the kandura as most fabrics are polyester
Don’ts
- Wear hamdania for work, always wear a ghutra and agal
- Buy a kandura only based on how it feels; ask questions about the fabric and understand what you are buying
More on animal trafficking
COMPANY%20PROFILE
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