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Morgan Stanley CEO says Saudi Arabia could be ‘major opportunity’

Posted by: Admin | Posted on: June 14th, 2017 | 0 Comments

Morgan Stanley (MS.N) CEO James Gorman said Saudi Arabia could be a “major opportunity” for the firm as the country unveiled plans for oil giant Saudi Aramco’s $100 billion initial public offering and introduced a series of reforms to attract foreign capital in 2015.

Gorman, speaking at the bank’s financials conference in New York, said he has personally been spending a significant amount of time in Saudi Arabia, as has President Colm Kelleher.

In May, several U.S.-based bank CEOs including Gorman, JPMorgan Chase Co’s (JPM.N) Jamie Dimon and Citigroup Inc’s (C.N) Michael Corbat attended a business forum in Saudi Arabia.

Morgan Stanley already has a presence in Saudi Arabia, having set up an office in the region in 2007.

Other banks are scrambling to expand into the country.

Citi received a license from Saudi Arabia’s regulator in April for investment banking and capital markets services, and Goldman Sachs Group Inc (GS.N) has applied for a license to trade equities in the kingdom.

The opening of Saudi Arabia is part of a reform agenda to diversify the Saudi economy beyond oil by 2030.

The Saudi stock exchange opened itself to direct investment from foreign entities in mid-2015 and last year loosened restrictions on foreign ownership in its stock market.

(Reporting by Olivia Oran in New York; Editing by Cynthia Osterman)

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