File - This May 22, 2014 file photo shows the logo of the Swiss bank Credit Suisse in Bern, Switzerland. (Peter Klaunzer/Keystone via AP)
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Credit Suisse Group, the Swiss lender seeking a banking license in Saudi Arabia, has allocated about $600 million of its own capital to expand its business in the kingdom, according to people familiar with the matter. The Zurich-based bank, which has a securities and equities business in the country, plans to use the capital to, among other things, offer investors Lombard loans, which are backed by liquid assets such as stocks, said the people, who asked not to be identified because the information is private. Iqbal Khan, head of the Credit Suisse's international wealth-management business, said in an interview last year that the bank was in talks with the Saudi central bank for an onshore license.Credit Suisse was among lenders invited to pitch for an advisory role in the initial public offering of Saudi Arabian Oil Co., people familiar with the matter said in January.
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