DUBAI – Credit Suisse Group AG, whose second-largest shareholder is the Qatar Investment Authority, is cutting its investment banking business in Dubai to focus on Qatar and Saudi Arabia, a person familiar with the matter said.



Two bankers will move to Doha from Dubai as part of plans to shift the MENA investment banking department headquarters to Qatar, the person said, requesting anonymity. The bank will also cut about three positions in Dubai and transfer another as it moves its equities business to Riyadh, the person said. Bassam Yammine, MENA investment banking department co-head, already left the bank, the person said.



“Credit Suisse remains committed to providing a range of banking services to the MENA region,” the bank said Monday in a statement in response to questions on the cuts. “We continue to be proactive about monitoring the size of our business relative to client opportunities and market conditions. This involves realigning resources to growth areas and adjusting capacity to meet client needs and to manage costs across our businesses.”



Qatar and Credit Suisse are boosting ties after the nation took a 6 percent stake in the bank, bought its London headquarters and joined to form Aventicum Capital Management. The country, which has the world’s third-largest gas reserves, is snapping up assets to reduce its energy dependency. — Agencies