The Kingdom of Saudi Arabia: Forging Strong Partnerships
BNP Paribas dedicated and long-term commitment to the Gulf region has resulted in a particularly strong relationship with the Kingdom of Saudi Arabia (KSA). This relationship has flourished and evolved over many decades, and was formally cemented on 31 May 2004, when the Kingdom granted the Bank a universal banking license. BNP Paribas was one of the first foreign institutions to receive such a license, and it ushered in a new and prosperous era for the Bank s relationship with the Kingdom.
While the BNP Paribas network spans nearly 80 countries and almost 185,000 employees an international reach that is frequently put to use for local clients the Gulf, and the Kingdom in particular, are clear areas of focus for the Bank.
As far back as the 1960s, Paribas executives were making regular trips to the Kingdom to forge relationships with the ruling family, senior government officials and regulators, while BNP Paribas other forerunner, BNP, helped establish the Saudi International Bank in London in the 1970s.
BNP Paribas has long recognised the Kingdom s vital role in the global energy market and regional development. The vision of the Gulf state s leaders has been demonstrated by the Kingdom s rapid modernisation, a process BNP Paribas has been privileged to support by providing financial solutions for some of the country s most ambitious projects, from water supply to transportation infrastructure and petrochemical plants.
Since 2004, BNP Paribas has developed a fast-growing local customer base, and has also built thriving alliances with local regulators, corporates, and financial institutions. The strength of these local relationships, in combination with the Bank s ability to leverage its international network to the benefit of local clients, demonstrates the Bank s dedicated commitment to the Kingdom as a strategic partner for the long term.
The Group s operations in the Kingdom entered a new phase in 2010, with the establishment of the BNP Paribas Investment Company KSA in Riyadh. The company was authorised by the Kingdom s Capital Markets Authority (CMA) to provide securities services.
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