- 3 min
Paris, 20 February 2008
Pursuant to its Middle East development strategy, Crédit Agricole Asset Management (CAAM) announces the formation of Caam Saudi Fransi, an asset management joint venture with Banque Saudi Fransi (BSF), the sixth largest bank in Saudi Arabia. Held 60 per cent by BSF and 40 per cent by CAAM, the joint venture has been approved by local regulators.
Based in Riyadh, Saudi Arabia, Caam Saudi Fransi will benefit from CAAM group's technical skills and capacity for innovation, as well as from BSF's excellent knowledge of the local market.
Caam Saudi Fransi's staff of more than forty professionals provides private customers, companies, and Saudi institutions with a comprehensive and growing range of investment funds including both conventional and Sharia-compliant funds, along with discretionary management services and structured products.
The Chairman of Caam Saudi Fransi is Ibrahim Al-Touq, also Chairman of BSF. Richard Lepère, formerly CAAM Head of RFP and Consultant Relations, has been appointed CEO.
CAAM has historic ties with all the Gulf countries and has also been present in Abu Dhabi since 1998. The Abu Dhabi representative office, headed by Ziad Sikias, aims to reinforce relationships with clients such as investment banks, retail and private banks, pension funds, insurance companies and corporates in Gulf Cooperation Council (GCC) countries.
CAAM also recently appointed Christian Lainé as Head of Relations with the major Sovereign Wealth Funds and State Entities in the Middle East. He is based in Abu Dhabi.
With this new venture CAAM is building up a presence in a region with strong growth potential, in line with its strategic international development plan.