Merill Lynch moves into Saudi

Merrill Lynch & Co. Inc. has received a license from Saudi Arabia’s Capital Markets Authority to operate in that country.
The New York-based financial services company will be able to offer investment banking products and wealth management services.
“I am delighted that Merrill Lynch has been awarded a banking license to operate in the Kingdom of Saudi Arabia,” said Ahmass Fakahany, Merrill Lynch, president and chief operating officer, according to a statement.
“Riyadh is a critical regional hub for financial services and we are looking forward to growing our presence in the Kingdom and continuing to provide world class products and solutions to our clients.”
With the move, Merrill Lynch joins other financial institutions that have recently received clearance to enter into the Saudi kingdom.
Earlier this month, Bear Stearns Cos. joined with a group of Saudi Arabian executives to form Bear Stearns Arabia Asset Management, which will provide investment products that comply with Islamic law (InvestmentNews, June 5) .
Morgan Stanley announced in March that it teamed up with The Capital Group, a Saudi Arabian investment bank, to form Morgan Stanley Saudi Arabia (InvestmentNews, March 26) .