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UBS to expand in Mideast
AFP, July, 2008
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ZURICH (AFP) — Switzerland's biggest bank UBS announced on Tuesday that it was stepping up its expansion in the Middle East with a new licence to operate in Saudi Arabia.
The bank has also applied to operate in Qatar and would expand its investment banking division and equity research in the region.
A UBS spokeswoman told AFP that the bank had received approval from Saudi authorities for its wealth management, asset management and investment banking businesses.
"We would be operational in the course of this year," she said, adding that the bank sees a "strong potential for the region."
The world's largest wealth manager would open an office in the Saudi capital Riyadh where about 20 staff would be employed, she added.
John Fraser, chairman and chief executive of UBS Global Asset Management, added in a statement that the approval "marks yet another important milestone for the firm ...
