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Courting Saudi regime exposes bankers’ poor risk management

With the last bank chief ducking out of the upcoming Riyadh conference, it has become clear financial institutions do not have the deep intelligence required to deal with secretive regimes

A demonstrator dressed as Saudi Arabian Crown Prince Mohammed bin Salman with blood on his hands protests outside the Saudi Embassy in Washington, DC, on October 8
A demonstrator dressed as Saudi Arabian Crown Prince Mohammed bin Salman with blood on his hands protests outside the Saudi Embassy in Washington, DC, on October 8 Photo: Getty Images

It took so long for some bankers to choose between certain reputational damage and supposed financial hazard that you could have been forgiven for thinking that  managing risk is their business.

The finance luminaries booked in to attend the Future Investment Initiative in Riyadh later this month were surprisingly slow to fully digest the consequences of Turkish allegations that a dissident Saudi journalist had been murdered in the Kingdom’s Ankara consulate.

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