RIYADH, 18 March 2006 — Walter Kielholz’s, chairman of Credit Suisse Group, visit to the Kingdom coincided with the 150th anniversary of the Credit Suisse Group. During his stay in the capital, he met with senior officials from the banking sector.
Arab News and its sister publication Al-Eqtisadiah met Kielholz, C.P. Greuter, managing director, Credit Suisse, and Michael F. Chahine, the bank’s director and head of strategic initiatives and business development during their stay and asked them about their expectations upon entering the Saudi market.
Credit Suisse is forming a cooperation with the Olayan Group and other major investors with a wealth of experience in the field of securities brokerage. The chairman said that by establishing its presence in the Kingdom the bank recognizes the importance of, and its long-term commitment to, this market.
“We also have plans to increase our activities gradually in this region,” he said.
Asked about their experience in Islamic banking, Michael Chahine said the bank provides innovative financial solutions that are Shariah-compliant.
“At this moment we don’t have a separate dedicated bank for this particular portfolio. But we definitely have expertise and long experience in managing assets in line with Shariah regulations,” he said. “We also have a significant presence in London that does structured Islamic financing for institutional and private investors. We do recognize the importance of this market segment and are going to increase our resources in this regard.” In response to a question on competition from other international banks, the chairman said that despite the competition they have an edge over others as they work closely with investors and entrepreneurs in terms of providing advisory services.
“The area is significant,” he said. “It will become more important in future. No wonder, our competitors are trying to increase their market share in this area.”
On the question of the emerging bonds market in the Kingdom, he said if a significant bonds market were created, the bank would try to establish its presence in that area.
