Riyadh, Saudi Arabia, 26 August 2008 – Deutsche Bank announced today that it has concluded its first swap agreement on the Saudi stock market (Tadawul), a milestone in the Bank's operations in the Kingdom.
The trade was executed immediately following the receipt of the final go ahead from Saudi Arabia's Capital Market Authority (CMA), the capital market regulator, which very recently took the groundbreaking decision to allow a few authorized entities to trade in shares listed on the Kingdom’s stock exchange on behalf of foreign investors through swap agreements.
Previously, foreign non-resident investors were only able to access the Tadawul via mutual funds.
Deutsche Bank is conducting all swap agreements through its subsidiary in the kingdom, Deutsche Securities Saudi Arabia.
Jamal Alkishi, CEO of Deutsche Securities Saudi Arabia, said "This is a momentous occasion for Deutsche Bank as a whole, and specifically for our operations in Saudi Arabia - the largest equity market in the middle east and one of the most important emerging markets. We are very proud of this achievement as we have worked long and hard at putting in place the ideal infrastructure and mechanism to grant access to our international clients."
Saudi Arabia’s stock market is the 11th largest in the world.
Deutsche Bank opened its first branch in Riyadh in 2006. In 2007, Deutsche Securities Saudi Arabia, a subsidiary of Deutsche Bank was granted a license by the Capital Market Authority of Saudi Arabia to offer brokerage and custody services, as well as arranging, advising and providing investment funds management.
For further information, please contact:
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Middle East North Africa
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