Natixis SA has opened a corporate and investment banking office in Saudi Arabia as the French lender seeks to expand in the Arab world’s largest economy.
The bank appointed Reema Al-Asmari as chief executive officer of its operations in the kingdom, according to a statement. Al-Asmari joined Natixis in August 2019 and was previously head for treasury services for JPMorgan Chase & Co. in Saudi Arabia. She will report to Simon Eedle, Natixis’ head in the Middle East.
International banks have been expanding in Saudi Arabia as the country embarks on a plan to diversify its economy beyond oil and attract more foreign investment.
Citigroup Inc. re-opened in the kingdom in 2017 after leaving in 2004, while JPMorgan, HSBC Holdings Plc., and Goldman Sachs Group Inc. are among banks that have been hiring and getting licenses for new activities.
Saudi Arabia has become a more important source of deal flow for global banks. Saudi Aramco raised nearly $30 billion in the biggest-ever initial public offering last year, while the opening of the kingdom’s stock market to foreigners has attracted global investors.
More recently, the kingdom’s Public Investment Fund (PIF) has been on an overseas acquisition spree. The sovereign wealth fund built has stakes in Boeing Co., Citigroup Inc. and Facebook Inc. since the start of the coronavirus pandemic.
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