Strategy

Are Merrill Planning A Saudi Private Banking Operation?

Stephen Harris 30 November 2006

Are Merrill Planning A Saudi Private Banking Operation?

Merrill Lynch is planning to open a private banking operation in Saudi Arabia, according to Mones Bazzy, market director for the bank's onshore operations in Dubai. Mr Bazzy told Zawya Dow Jones that Merrill will open in Saudi "as soon as possible" after securing the licence that it has applied for from the country’s regulator, the Capital Markets Authority. The authority has already licensed 37 local and international firms to provide financial services including dealing, managing, custody, arranging and advisory. A Merrill Lynch spokeswomen told WealthBriefing that the bank was not prepared to comment on the matter.

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