June 30, 2020 / 6:06 AM / 10 days ago

Saudi regulator allows SMBC unit to arrange securities deals

DUBAI, June 30 (Reuters) - The Saudi securities regulator has permitted a local unit of Japan’s Sumitomo Mitsui Banking Corp (SMBC) to arrange transactions in the securities business, expanding its role in the kingdom.

“SMBC Advisory Services Saudi Arabia is now authorized to conduct arranging activity in the securities business,” Capital Market Authority (CMA) said in a statement on Tuesday, implying equity deals.

Western financial institutions have sought opportunities in Saudi Arabia since it unveiled plans to privatise state assets and introduced reforms to attract foreign capital under a programme to reduce the economy’s dependence on oil.

Reporting by Saeed Azhar, Editing by Sherry Jacob-Phillips

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