Deutsche Bank and Saudi Arabia’s Al Azizia Commercial Investment Company (ACIC) signed a joint proposal, in mid-April, for the establishment of an investment banking joint venture.
Together, the two intend to provide equities brokerage and other investment banking services in the Kingdom of Saudi Arabia.
Prince Alwaleed bin Talal bin Abdulaziz Al Saud, chairman of ACIC and a prominent global investor with significant stakes in Disney and Citigroup, signed the agreement for ACIC while Anshu Jain, co-head of the corporate and investment bank signed for Deutsche Bank.
Deutsche Bank and ACIC will join forces to lead investment banking activities under the new Capital Market law. The venture aims to provide world-class financial services to the business community and offer new opportunities to investors.
The establishment of the Capital Market Authority in 2004 has paved the road for international investment banks to enter the arena, support the Saudi economy and enhance the flow of capital to the kingdom.
Mr Jain said: “Our local partnership with ACIC reflects Deutsche Bank’s continuing commitment to developing our presence in investment banking services in the Kingdom and throughout the Middle East.”
