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HSBC is the first European bank to receive a license in Saudi Arabia

HSBC $HSBA (+0.31%) is the first foreign bank to receive a full investment banking license for Saudi Arabia.

The license entitles HSBC and its subsidiary, Saudi British Bank, to establish HSBC Saudi Arabia, which will offer wealth management and investment banking services.

HSBC said in a statement that it will offer corporate finance and wealth management advisory services to institutional clients, investment advisory and stock broking services to retail investors.

Credit Suisse was granted a limited brokerage license in a joint venture with Saudi investors.

Last month, HSBC acquired a 70 percent stake in Iraq's Dar es Salaam Investment Bank and plans to enter the country's fledgling financial sector.

At the same time, it became the second international bank to establish a branch in Kuwait.

The French BNP Paribas $BNP (+0.94%) was the first European bank to establish a branch in Saudi Arabia, but does not have an investment banking license.

3 Comments

Dividendenopi👴@Dividendenopi

Looks good to reach a new ATH after 20! years to create a new ATH. They are also in the green for the first time after this long time in the max

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NichtRelevant@NichtRelevant

I don't have them in my portfolio and I'm annoyed that I didn't have the money to get in at the right time (somehow I never have enough money to buy everything I'd like). I like HSBC because it is a real international bank. HSBC stands for HongKong & Shanghai Banking Corporation and was originally based in Hong Kong (old headquarters designed by Norman Foster). They only moved to Europe when Hong Kong passed from the British to the Chinese. So the business relationships with Asia and all over the world are traditionally very strong and I think that helps in a globalized world like ours.

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Don C.@PoorDad

I am glad that I was able to secure a personal divi. Yield of over 9%! Largest bank in Europe with an almost untouchable competitive advantage... on top of that, the bank gives you a good chunk of Asia in your portfolio.

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