UBS receives CMA approval

RIYADH: UBS, which is one of the world’s leading financial firms serving an international client base with its wealth management, investment banking and asset management businesses, said that its Saudi counterpart operation called “UBS Saudi Arabia”, had received approval from the Capital Market Authority (CMA) to begin full-fledged securities business activities in the Kingdom.

“This enables the firm to expand its presence in the Middle East and marks a further step toward the firm’s goal of becoming one of the region’s leading financial services providers,” said John Fraser, chairman and CEO of UBS Global Asset Management, who is also the chief of the UBS Saudi operation.