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Mizuho Follows Goldman, Gets Nod to Set Up Mideast HQ in Saudi

Archana Narayanan and Matthew Martin
·2-min read

(Bloomberg) -- New from Bloomberg: Get the Mideast Money newsletter, a weekly look at the intersection of wealth and power in the region.

Most Read from Bloomberg

Mizuho Financial Group Inc. has become the latest Wall Street firm to comply with Saudi Arabia’s diktat to foreign companies to set up their Middle Eastern base there.

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The Tokyo-headquartered bank recently received a license from the kingdom’s Ministry of Investment to set up its regional headquarters in Riyadh, according to people familiar with the matter. It wasn’t immediately clear how many bankers will move to Saudi Arabia and how much of Mizuho’s regional operations will ultimately be based in the kingdom.

A Mizuho spokesperson confirmed an application was filed and declined to comment further.

Boeing Co. and Amazon.com Inc. are among the more than 400 contracting, manufacturing and technology firms that’ve obtained the regional HQ licenses. While banks had initially hoped to sidestep the rules, the pressure is getting harder to resist. Goldman Sachs Group Inc. became the first Wall Street firm to get such a license, Bloomberg News reported in May.

Under the rules that came into force this year, firms must have a regional base in Saudi Arabia with at least 15 employees, including executives overseeing other countries or risk losing business with the kingdom’s vast network of government entities.

Mizuho, which currently manages its Saudi business from Dubai, has been involved in debt capital market deals for borrowers like the kingdom’s Public Investment Fund, the Ministry of Finance and oil giant Aramco. The bank was the sole arranger of a $1 billion syndicated loan for Saudi Electricity Co. earlier this year, two of the people said, asking not to be named discussing confidential information.

Japan’s third largest bank has grown to over 75 people in the Middle East from around 8 staffers in 2015, the people said, as it expanded into investment banking, capital markets and advisory businesses in the region. It has been operating as an investment bank in Riyadh since 2009 with a license from the Capital Market Authority.

Mizuho stepped up its focus on the Middle East after a $3 billion deal with Royal Bank of Scotland Group Plc helped grow its global debt capital markets platform including in the region. More recently, the lender has been expanding aggressively since its acquisition of investment bank Greenhill & Co. in December.

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