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MarketScreener Homepage  >  Equities  >  Nyse  >  BlackRock, Inc.    BLK

BLACKROCK, INC.

(BLK)
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Real-time Estimate Quote. Real-time Estimate Cboe BZX - 01/26 03:57:28 pm
720.355 USD   -0.36%
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Goldman Sachs applies for Saudi equities trading license: sources

06/02/2017 | 05:12am EST
FILE PHOTO: A sign is displayed in the reception of the Sydney offices of Goldman Sachs in Australia

DUBAI (Reuters) - Goldman Sachs (>> Goldman Sachs Group Inc) has applied to Saudi Arabia's capital markets regulator for a license to trade equities in the kingdom, two sources familiar with the move said, in the latest step by Western banks to expand operations in the country.

DUBAI (Reuters) - Goldman Sachs (>> Goldman Sachs Group Inc) has applied to Saudi Arabia's capital markets regulator for a license to trade equities in the kingdom, two sources familiar with the move said, in the latest step by Western banks to expand operations in the country.

Goldman has made the application to the Capital Market Authority (CMA) and a successful outcome could lead to a further expansion of its business in the kingdom, one of the sources said.

Goldman has been operating in Saudi Arabia since 2009 as an agent and underwriter. In 2014, the Saudi Capital Market Authority approved a change in the bank's profile and it has been authorized to arrange, advise and manage investment funds and portfolios, according to its website.

Further details of the business buildup or hiring plan were not immediately known

Goldman declined to comment, while CMA did not respond to a Reuters request for a comment.

The Wall Street bank's move indicates growing interest among investment banks and fund managers to expand in Saudi Arabia after the kingdom unveiled plans for oil firm Aramco's $100 billion initial public offering and introduced a string of reforms since 2015 to attract foreign capital.

Citigroup (>> Citigroup Inc) obtained an investment banking license recently which will allow it to return to the kingdom after more than 13 years, while Credit Suisse AG (>> Credit Suisse Group AG) is seeking a banking license in the kingdom to build a fully-fledged onshore private banking business.

The opening up of the market and privatization of state-owned companies are part of a reform agenda to diversify the Saudi economy beyond oil by 2030.

The Saudi stock exchange opened itself to direct investment by foreign institutions in mid-2015 and last year eased restrictions on foreign ownership in its stock market in order to improve the investment environment.

The reforms have encouraged international firms such as BlackRock Inc (>> BlackRock, Inc.), Citigroup, HSBC (>> HSBC Holdings plc), and Ashmore Group to join the list of institutional investors that can directly trade the market.

(additional reporting by Katie Paul in Riyadh and Aziz El Yaakoubi in Dubai; Editing by Keith Weir)

By Saeed Azhar


© Reuters 2017
Stocks mentioned in the article
ChangeLast1st jan.
BLACKROCK, INC. 0.17% 724.11 Delayed Quote.0.20%
CHANGE INC. 8.49% 3770 End-of-day quote.6.95%
HSBC HOLDINGS PLC 0.53% 400.2 Delayed Quote.5.08%
LETS HOLDINGS GROUP CO., LTD. -5.09% 7.46 End-of-day quote.-4.11%
LOOK HOLDINGS INCORPORATED 0.22% 920 End-of-day quote.-3.87%
NEXT PLC -0.03% 7880 Delayed Quote.11.23%
SAUDI ARABIAN OIL COMPANY -0.57% 34.75 End-of-day quote.-0.71%
STEP CO.,LTD. 0.98% 1540 End-of-day quote.-3.57%
THE GOLDMAN SACHS GROUP, INC. -0.30% 282.19 Delayed Quote.9.74%
THE LEAD CO., INC. 0.49% 824 End-of-day quote.-1.90%
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Financials (USD)
Sales 2020 15 907 M - -
Net income 2020 4 774 M - -
Net cash 2020 1 369 M - -
P/E ratio 2020 23,3x
Yield 2020 2,01%
Capitalization 110 B 110 B -
EV / Sales 2020 6,85x
EV / Sales 2021 5,85x
Nbr of Employees 16 600
Free-Float 87,5%
Chart BLACKROCK, INC.
Duration : Period :
BlackRock, Inc. Technical Analysis Chart | BLK | US09247X1019 | MarketScreener
Technical analysis trends BLACKROCK, INC.
Short TermMid-TermLong Term
TrendsBullishBullishBullish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus BUY
Number of Analysts 17
Average target price 827,29 $
Last Close Price 722,98 $
Spread / Highest target 23,1%
Spread / Average Target 14,4%
Spread / Lowest Target -1,10%
EPS Revisions
Managers and Directors
NameTitle
Laurence Douglas Fink Chairman & Chief Executive Officer
Robert Steven Kapito President & Non-Independent Director
Robert L. Goldstein Chief Operating Officer & Senior Managing Director
Gary S. Shedlin Chief Financial Officer & Senior Managing Director
Derek N. Stein Global Head-Business Operations & Technology
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1st jan.Capitalization (M$)
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AMERIPRISE FINANCIAL INC.8.89%24 965