Middle East: Investment bank expands operations in region
The bank was granted ‘conditional authorisation’ by the Saudi Capital Market Authority, the company said in a statement on Tuesday.
“With over 40 years’ experience in the region our decision to set up operations in the Kingdom of Saudi Arabia is further evidence of UBS’s long-term commitment to the Middle East and marks yet another important milestone for the firm in this very exciting and significant market,” said UBS’ chief executive officer, John Fraser.
UBS, Switzerland’s largest bank, and the world’s largest wealth manager has also made an application to the Qatar Financial Regulatory Authority for a licence to operate a branch in the Qatar Financial Centre.
Qatar, also an oil-rich emirate, has one of the highest rates of economic growth and highest gross domestic product per capita in the world, according to UBS.
Recently, UBS has been plagued with problems in regards to the issue of the sub-prime loan crisis and Credit Suisse has gone as far as downgrading UBS.
Recently, the troubled Swiss bank was forced to write down 38 billion dollars in assets and is being investigated for tax evasion allegations by the US Internal Revenue Service.