KSA under Licence No. 08114-15 further demonstrated the strength of BNP Paribas long-term partnership with the Kingdom s authorities, and also highlighted the Bank s strategy of increasing business opportunities and supporting clients, especially for wealth management in one of the Gulf s key markets.
In addition to the existing license for dealing as principal, dealing as agent, and custody and arranging, this enabled BNP Paribas Investment Company KSA to distribute investment funds and offer securities advisory services to a wider range of clients in the Kingdom, and also allowed the Bank to serve the Kingdom s high net worth individuals with its full suite of wealth management services.
Today, BNP Paribas fully-fledged onshore private banking platform operates under the Saudi Arabian Monetary Agency (SAMA) license with BNP Paribas Riyadh branch, and under the CMA license with BNP Paribas Investment Company KSA.
We remain positioned as a dedicated partner to the Kingdom of Saudi Arabia for the long term, said Jean-Christophe Durand, CEO, Middle East and Africa, Corporate & Investment Banking and Investment Solutions. There is enormous potential for our partnership to evolve even further going forward as the Kingdom, and the broader Gulf region, transforms economically. We are proud to be a partner to the Kingdom s growth ambitions, today, tomorrow, and for many years to come.
SUPPORTING OUR CLIENTS IN THE KINGDOM OF SAUDI ARABIA
Several major deals executed by BNP Paribas predecessors, BNP and Paribas, grew out of the long-standing, yet evolving partnership between the Bank and the Kingdom. Below are some examples.
Shortly after the merger between BNP and Paribas, the Bank was awarded one of its most prestigious and high-profile mandates ever in the Kingdom: the sole financial advisor on the restructuring and privatisation of Saudi Arabian Airlines.
Just four years later, BNP Paribas stepped up its presence in the country when it was granted a universal banking license on 31 May 2004, with the branch commencing formal operations in 2005.
In the following years, BNP Paribas played an increasingly key role in the development of major sectors in the economy, especially oil and gas, petrochemicals, power and infrastructure. In February 2004, Saudi Aramco awarded BNP Paribas a mandate to act as financial advisor on the third-party co-generation power projects it was looking to set up in the Kingdom. The deal marked the first-ever financial advisory mandate awarded by Aramco in the Kingdom.
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