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Credit Suisse seeks Saudi banking license

Credit SuisseGroup AG, which already has a securities and equities business inSaudi Arabia, is in talks to obtain a full banking license in the kingdom, abank executive told Bloomberg News.

Iqbal Khan, head of the bank's international wealthmanagement business in Latin America, Europe, the Middle East and Africa, saidin an interview that Credit Suisse hired 45 relationship managers across theMiddle East in 2015.

"The Middle East is going through a trough in the shortterm but we're bullish in the long term," Khan said.

Roughly a dozen international banks hold a Saudi onshorelicense, which permits branch operations and deposit-taking activities,Bloomberg noted.