US bank eyes Saudi stock trade license: Report

US bank eyes Saudi stock trade license: Report
Updated 21 July 2015

US bank eyes Saudi stock trade license: Report

US bank eyes Saudi stock trade license: Report

JEDDAH: Goldman Sachs Group Inc., which advises clients on more than $1 trillion of investments, applied to own and trade Saudi stocks directly after rules were changed last month, Bloomberg.com reported.
The New York-based bank is seeking a qualified foreign investor permit from Saudi Arabia’s Capital Markets Authority (CMA), two people with knowledge of the plan told the news agency.
Goldman is considering applying for a permit, though hasn’t yet submitted an application, another person familiar with the matter told Bloomberg.com.
HSBC Holdings Plc was among the first qualified foreign investors to trade Saudi Arabian shares last month after the Kingdom relaxed restrictions on foreign investment.