Barclays, Societe Generale receive investment banking license in Saudi Arabia

The Capital Markets Authority of Saudi Arabia has granted investment banking license to Barclays and Societe Generale.

With this agreement, Barclays Saudi Arabia and Societe Generale Saudi Arabia can conduct business as an agent and also operate in the areas of managing, arranging, advising and custody in the securities business. Barclays Saudi Arabia also has the approval to operate as an underwriter in the country.

The Financial Times has reported that Barclays and Societe Generale are in the process of setting up offices in Saudi Arabia. The Saudi financial regulator also plans to allow investment groups to launch exchange traded funds by the end of 2009.

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Related terms: business, exchange traded fund, investment, investment banking, saudi arabia