The logo of Swiss bank Credit Suisse is seen below the Swiss national flag at a building in the Federal Square in Bern May 15, 2014. REUTERS/Ruben Sprich
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Credit Suisse Group AG is seeking to secure a key banking license in Saudi Arabia as part of plans to expand in the kingdom. The Zurich-based bank, which has a securities and equities business in the country, is in talks with the central bank for an onshore license, Iqbal Khan, head of the bank's international wealth-management business, said in an interview in Dubai. Credit Suisse expects the number of millionaires in the region will rise to 500,000 from about 330,000 in 2015 and hired 45 relationship managers across the Middle East last year, Khan said.Credit Suisse manages about 70 billion Swiss francs ($72 billion) of private banking assets in the region, with assets growing "double digits" in the first half, Khan said.
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