Lazard Upgrades Riyadh Branch to Regional HQ
Written by Gérard Al-Fil, Dubai
The news from the Kingdom was announced personally by Lazard Chairman and CEO Peter Orszag on the social network LinkedIn. The regional branch will be headed by MENA CEO Wassim Al-Khatib, who, over the course of his banking career, has worked at Citi (like his boss Orszag) and the major Saudi bank NCB.
Firmly rooted in the region
Lazard has been present in the largest Gulf state since 2011, according to the financial group’s website. What’s new is that the office in the King Abdullah Financial District (KAFD) in northern Riyadh will now function as the company’s regional hub.
The KAFD competes with the DIFC in Dubai and the ADGM in Abu Dhabi. The QFC in Doha, Qatar, and the Bahrain Financial Harbour in Manama, Bahrain, are also vying for banks.
Nevertheless, Lazard also maintains an office in the DIFC, where it offers financial advisory and asset management services.
Founded in 1848, Lazard specializes in financial advisory, strategic consulting, restructuring, and capital structure, and also provides asset management services. The firm advises companies, institutions, and governments on mergers and acquisitions (M&A), capital raising, and other strategic matters.
