BUSINESS

SICO unveils newly rebranded Saudi-based investment bank SICO Capital

September 07, 2021

SICO BSC (c), a leading regional asset manager, broker, market maker and investment bank (licensed as a wholesale bank by the CBB), Tuesday unveiled its newly rebranded subsidiary, SICO Capital, a full-fledged capital markets services provider based in Saudi Arabia.

SICO Capital is the new brand for Muscat Capital, which has been operating in Saudi Arabia since 2009. The launch of the new identity follows the completion of SICO’s acquisition of a majority stake from Bank Muscat by way of a share swap in March 2021.

“SICO is renowned in the region for offering premium services with a well-established track record spanning two decades,” said Shaikh Abdullah Bin Khalifa Al Khalifa, chairman of the Board at SICO.

“With the launch of SICO Capital’s operations in Saudi Arabia, we are starting a new chapter in our growth strategy which will allow us to enhance our presence in the Kingdom by offering a wider suite of products and services that cater to the aspirational and growing client base.”

“The Saudi market has quickly grown to become one of the key markets for both regional and global investors driven by Saudi Arabia’s national development strategy, Vision 2030. As the region’s largest capital market, SICO Capital stands well positioned to offer investors lucrative opportunities across an array of sectors,” he added.

Since the completion of the acquisition in March of this year, the company has worked to strengthen the organization by hiring qualified professionals across its business, governance and support teams while enhancing systems and procedures to meet clients’ requirements and needs.

SICO Capital is committed to the Saudi market and will continue to invest in further building its capabilities and product offerings to achieve its goal of becoming a leading capital market player in Saudi Arabia.

SICO Capital has also completed the appointment of its new board of directors and management team whose vision and leadership will support it in achieving its strategic objectives.

“We are pleased to complete the transition process following the change in our shareholding structure,” said Hassan AlShuaiby, chairman of the Board at SICO Capital.

“With the appointment of our new management team and the rebranding to SICO Capital, the company stands well positioned to leverage its capabilities in order to offer new and existing clients premium financial services across the Kingdom of Saudi Arabia.

Bank Muscat’s continued presence as a shareholder of SICO Capital while also becoming a shareholder of SICO BSC will ensure continuity and greater strategic alignment as we move forward.”

SICO Capital is a full-service investment banking firm based in Riyadh, Saudi Arabia, that offers a comprehensive range of financial services to individual, institutional, and corporate clients.

With multiple licenses by the Saudi Capital Markets Authority including asset management, investment banking, and brokerage, the company offers SICO an ideal platform to offer a diversified suite of services to a wider client base in Saudi Arabia, the region’s largest capital market.

Prior to the acquisition, SICO Capital operated under the brand Muscat Capital and was a wholly owned subsidiary of Bank Muscat, a leading financial institution based in the Sultanate of Oman. — SG


September 07, 2021
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