Goldman Sachs has entered the Saudi Arabian banking industry through a deal with National Commercial Bank (NCB).
The US investment bank will acquire a stake in the investment banking subsidiary of NCB.
In a statement, NCB said that the acquisition of the stake would also see Goldman Sachs play a part in running operations at the subsidiary.
It is expected that Goldman will take up to 40 per cent of the subsidiary, known as Al Ahli, with NCB likely to retain the majority stake.