Credit Suisse has expanded its involvement in oil-rich Saudi Arabia’s wealth management and investment market by taking a majority ownership of Saudi Swiss Securities, creating a joint venture to be called Credit Suisse Saudi Arabia.

Credit Suisse Saudi Arabia will deliver private banking, investment banking and asset management services. The size of Credit Suisse’s stake in the venture was not disclosed.

The Zurich-listed bank has been given regulatory clearance for the deal by the Capital Market Authority of the Kingdom of Saudi Arabia.

Bassam Yammine has been appointed chief executive of Credit Suisse Saudi Arabia and assumes this position in addition to his responsibilities as co-chief executive of Credit Suisse in the Middle East. Mr Yammine succeeds Sabah al-Binali, who will remain on the Board of Credit Suisse Saudi Arabia, Credit Suisse said in a statement.

As part of its services, Credit Suisse said it will offer the full range of investment banking services across advisory, capital raising, structured finance, structured lending and dealing as agent in the Saudi stock market, as well as a range of wealth management products and advisory services locally and access to the global product range of Credit Suisse.

“We are committed to our clients in the Middle East and the expansion of our platform in Saudi Arabia is an important step in the development of our Middle East franchise," said Eric Varvel, chief executive officer of Europe, the Middle East and Africa for Credit Suisse.

Credit Suisse established a presence in Saudi Arabia in November 2005, and entered into a joint venture with experienced local partners in the Saudi Swiss Securities consortium.

Credit Suisse has offices in Dubai, Abu Dhabi, Doha, Riyadh, Beirut, Cairo, and Manama.