Credit Suisse Group AG, whose second-largest shareholder is the Qatar Investment Authority, is cutting its investment banking business in Dubai to focus on Qatar and Saudi Arabia, a person familiar with the matter said.
Two bankers will move to Doha from Dubai as part of plans to shift the regional investment banking department headquarters to Qatar, the person said, asking not to be named as the news isn’t public. The bank will also cut about three positions in Dubai and transfer another as it moves its equities business to Riyadh, the person said. Bassam Yammine, MENA investment banking department co-head, already left the bank, the person said.
Credit Suisse has only been an underwriter for two bond deals in the Gulf Cooperation Council valued at $67 million, according to data compiled by Bloomberg. This makes it the 40th underwriter in the region out of 46, the data shows.