US brokerage giant Merrill Lynch has received a banking license from the Capital Market Authority (CMA) to operate in Saudi Arabia, the London-based Asharq Al-Awsat reported yesterday.

With the new banking license, Merrill Lynch will be able to offer its customers a full suite of global markets, investment banking products and wealth management solution.

“I am delighted that Merrill Lynch has been awarded a banking license from the CMA to operate in the Kingdom of Saudi Arabia,” Merrill Lynch President and COO Ahmass Fakahany said as quoted in Asharq Al-Awsat. “Riyadh is a critical regional hub for financial services and we are looking forward to growing our presence in the Kingdom and continuing to provide world class products and solutions to our clients.”

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