Switzerland's second-largest bank aims to secure a full Saudi Arabia banking licence.

Credit Suisse is exploring how to obtain a banking licence in Saudi Arabia, the Zurich-listed lender has confirmed to this publication.

The firm’s desire for an onshore licence was expressed by Iqbal Khan, head of the bank’s international wealth management business, during an interview with Bloomberg. The bank later confirmed details to WealthBriefing when contacted about the matter.

The lender already has a securities and equities business in the Kingdom.

“Our ambition is to have a full SAMA [Saudi Arabian Monetary Agency] licence and we are working towards that," Khan is quoted as saying. SAMA is Saudi Arabia’s central bank.

Khan's role makes him responsible for Credit Suisse’s wealth management business in Latin America, Europe, the Middle East and Africa. 

“The Middle East is going through a trough in the short term but we’re bullish in the long term," he added.