Switzerland-based investment bank Credit Suisse takes up majority ownership in its joint venture with Saudi Arabian financial services company, Saudi Swiss Securities, rebranding the latter Credit Suisse Saudi Arabia. The initiative has received a commencement letter from the local Capital Market Authority of Saudi Arabia, by which it is granted authorization for various types of financial activities, private banking, investment banking and asset management prominent among them. Credit Suisse's worldwide product suite is also to be made available to Credit Suisse Saudi Arabia customers. The company also appointed Bassam Yammine as its new CEO, who is also to retain its current position as co-CEO of the Europe, Middle East and Africa division of Credit Suisse.
