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| Gerhard Schröder |
Highlighting Saudi Arabia’s commitment to opening its banking sector to foreign investment, Deutsche Bank and HSBC are set this year to establish majority-owned investment banking operations in the kingdom.
Following a visit by German chancellor Gerhard Schröder (pictured) in October 2003, the Saudi finance ministry announced that Deutsche had become the first western firm to be awarded a foreign banking licence in over two decades. Although Deutsche says it is too early to comment on its activities in Saudi Arabia, local sources say its aim for 2004 is to begin investment banking operations focusing on debt and equity products.
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