Saudi Arabia’s Capital Markets Authority authorizes Natixis as underwriter, arranger

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Saudi Arabia’s Capital Markets Authority has approved Natixis Saudi Arabia’s request to change its business profile in the kingdom, allowing it to conduct dealings as an underwriter and arranging in the securities business, CMA said on Monday.

The change also cancels Natixis Saudi Arabia’s activity of conduct advising, CMA said.

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Natixis did not immediately respond to a Reuters request for comment.

The French investment bank opened a corporate and investment banking office in the capital Riyadh last year.

Western financial institutions have been seeking opportunities in Saudi Arabia since the government unveiled plans to privatize state assets and introduced reforms to attract foreign capital under its Vision 2030 program to reduce the economy’s dependence on oil.

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