Credit Suisse, whose second-largest shareholder is the Qatar Investment Authority, is cutting its investment banking business in Dubai to focus on Qatar and Saudi Arabia, a person familiar with the matter said.
Bloomberg reports that two bankers will move to Doha from Dubai as part of plans to shift the regional investment banking department headquarters to Qatar, the person said, asking not to be named as the news isn’t public. The bank will also cut about three positions in Dubai and transfer another as it moves its equities business to Riyadh, the person said. Bassam Yammine, MENA investment banking department co-head, already left the bank, the person said.
'Credit Suisse remains committed to providing a range of banking services to the MENA region', the bank said late yesterday in a statement in response to questions on the cuts, referring to the Middle East and North Africa region. 'We continue to be proactive about monitoring the size of our business relative to client opportunities and market conditions. This involves realigning resources to growth areas and adjusting capacity to meet client needs and to manage costs across our businesses'.
Hit the link below to access the complete Bloomberg article: