DUBAI: The investment banking arm of Riyad Bank aims to grow by at least 20 percent in 2010, boosted by growth in the Saudi stock market, but more defaults at family-owned firms risk undermining optimism, the unit’s chief executive said.
“We still believe if the market achieves its potential, which is for 2010 in the range of 20 percent above from where it is now, we should benefit a great deal,” Ali Al-Gwaiz said. “We would not be happy if our growth is below that of the stock market,” Al-Gwaiz told Reuters in an interview on Sunday.
Set up in 2008 and part of Saudi Arabia’s second-largest bank by market value, Riyad Capital is one of the main players in the local asset management and brokerage sector.