Credit Suisse invests 600 million USD in Saudi Arabia

Credit SuisseThe second largest Swiss bank Credit Suisse, which applied for banking license in Saudi Arabia, has allocated about 600 million USD of its own capital to expand its operations in the country.

Through the investment the lender plans to use the capital to offer customers Lombard loans, which are backed by liquid assets such as shares. These are the kind of short-term loans that are provided against collateral of movable property. These loans can facilitate trade in local shares.

“Credit Suisse is in the process of further expanding and investing in their businesses in Saudi Arabia – a key market for growth, which is of great importance for international management of resources”, said a spokesman for the financial company in statement via e-mail.

The representative of the bank declined to comment on the amount that the company had set aside for their enterprise.