RIYADH: Goldman Sachs is expanding its wealth management division in Saudi Arabia, the bank said, as global financial firms increase their presence in the Middle East’s largest economy.
The New York-based banking giant has launched the first phase of its private banking services locally, Al-Eqtisadiah reported. The expansion will enhance operations from its Riyadh office, where the US lender has maintained a presence for over a decade.
The expansion comes after Goldman Sachs became the first major international investment bank to receive a regional headquarters license in Saudi Arabia last year.
In a statement, Rob Mullane, co-head of private wealth management for the EMEA region at Goldman Sachs, said: “Saudi Arabia has an exceptionally dynamic economy and a highly sophisticated investor base.”
He added that the bank plans to offer both “local and global investment opportunities” for regional clients.
