Your feedback is important to us!
We invite all our readers to share with us their views and comments about this article.
Disclaimer: Comments submitted by third parties on this site are the sole responsibility of the individual(s) whose content is submitted. The Daily Star accepts no responsibility for the content of comment(s), including, without limitation, any error, omission or inaccuracy therein. Please note that your email address will NOT appear on the site.
Alert: If you are facing problems with posting comments, please note that you must verify your email with Disqus prior to posting a comment. follow this link to make sure your account meets the requirements. (http://bit.ly/vDisqus)
Citigroup Inc. and UBS Group AG are among international banks managing the largest share of assets for wealthy Saudis, some of whom are being investigated as part of a government probe into alleged corruption, according to people familiar with the matter.JPMorgan Chase & Co. and Credit Suisse Group AG also manage billions of dollars for some of the kingdom's richest individuals, the people said, asking not to be identified because of the sensitivity of the matter. Saudi Arabia has long been the target of wealth managers such as UBS, Credit Suisse and Deutsche Bank AG, as well as other global banks seeking to advise the country's ultra-rich. UBS, Credit Suisse, Citigroup and JPMorgan declined to comment.The bank manages about 70 billion Swiss francs ($70 billion) of private banking assets in the Middle East, Iqbal Khan, head of the company's international wealth management business, said in a Dubai interview in Oct. 2016 . The bank counts the Saudi Olayan family as one of its biggest shareholders.
FOLLOW THIS ARTICLE