Citigroup, UBS among banks most exposed to Riyadh's rich: sources
Saudi Arabia has long been the target of wealth managers seeking to advise the country's ultra-rich
Zurich
CITIGROUP and UBS Group 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 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. Citigroup's private bank counts Prince Alwaleed bin Talal, the world's 58th-richest person, and Khalid al-Tuwaijri, former chief of the Royal Court, as clients, two of the people said. Both are among those who were detained in the probe, the people said.
KEYWORDS IN THIS ARTICLE
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Banking & Finance
Nomura, Mizuho face losses on All Blue fund’s failed trades
Stablecoin Tether steps up monitoring in bid to combat illicit finance
HSBC asked by US$890 billion investor group to set energy goal
Barclays is the latest firm to face anti-ESG wrath in Oklahoma
Barclays prices mortgage-backed notes in deal with GoldenTree
TD risks an earnings hit from US laundering probe, analysts say