DUBAI- Credit Suisse has hired Khalid Al Ghamdi, currently managing director at Mizuho Saudi Arabia, as its new Saudi Arabia CEO, two sources close to the matter said.

Al Ghamdi, a Saudi national, was named managing director and executive board member of Mizuho Saudi Arabia in early 2018, the Japanese bank said at the time, with the mandate to push its business in the kingdom in areas including financing, capital markets and advisory.

His appointment at Credit Suisse, where he will start in September, comes after the Swiss bank last month hired Hazem Shawki, a Goldman Sachs banker, as its new head of its Middle East, Turkey and Africa investment banking and capital markets division. 

Credit Suisse and Mizuho did not immediately comment.

Credit Suisse, traditionally strong in wealth management, is looking to increase its investment banking business in the Middle East's largest economy, given the kingdom's growth ambitions over the next five to seven years, said one of the sources.

The bank was recently awarded a full banking licence by the country's central bank. 

Prior to his appointment at Mizuho, Al Ghamdi was acting CEO and head of investment banking at GIB Capital, where he covered various senior positions for over 13 years.

(additional reporting by Saeed Azhar; editing by David Evans) ((Davide.Barbuscia@thomsonreuters.com; +971522604297; Reuters Messaging: davide.barbuscia.reuters.com@reuters.net))