SAMA Governor inaugurates Standard Chartered first branch in Saudi Arabia

A roundtable session to mark the branch inauguration

Under the patronage of His Excellency Dr. Fahad Al Mubarak, Governor of the Saudi Central Bank, Standard Chartered today concluded a roundtable session to officially mark its entrance into the Kingdom of Saudi Arabia. The session inaugurated Standard Chartered’s first branch in the Kingdom in the presence of José Viñals, Chairman of Standard Chartered Plc, Bill Winters, Standard Chartered Group CEO, Sunil Kaushal, Regional CEO for Africa and Middle East (AME), and Yazaid Al-Salloom, CEO of Standard Chartered Saudi Arabia.

Open to clients from across the Bank’s global footprint, the executive panel discussed Standard Chartered’s contributing to and supporting the Kingdom’s Vision 2030 that focuses on economic development and infrastructural projects, facilitating trade flows across international markets, digitisation, sustainable finance and investing in the development of Saudi talent.

Commenting on the launch, His Excellency Dr. Fahad Abdallah Al-Mubarak, Governor of the Saudi Central Bank, said: “in line with Vision 2030, the Kingdom of Saudi Arabia has embarked on a wide range of important initiatives aimed at enhancing the levels of economic efficiency and competitiveness, as well as, supporting operational and regulatory frameworks. Our goal is to create an attractive environment for domestic and foreign investment, that will ultimately contribute to economic diversification and job creation. Under the guidance of the Custodian of the Two Holy Mosques, King Salman bin Abdul Aziz Al Saud and His Royal Highness Crown Prince Mohammed bin Salman, the Kingdom has provided a conducive environment for international organisations to operate from. We would like to welcome Standard Chartered to Saudi Arabia and we wish them great success in their contribution to the country.”

Sunil Kaushal, Regional CEO of Africa & the Middle East at Standard Chartered, said: “We are honoured to have officiated our first-ever branch in Saudi Arabia under the patronage of His Excellency Dr. Fahad Al Mubarak, Governor of the Saudi Central Bank. The Saudi market represents a valuable opportunity for Standard Chartered to reinforce its support for the region, play a vital role in the growth story of one of the world’s most exciting, dynamic markets, and further its presence as a trusted banking partner of choice. Our strategy in the Kingdom is centred around engaging with well-established global corporates, subsidiaries and financial institutions relevant to Standard Chartered’s footprint while providing product capabilities that continue to deliver milestone transactions, further contributing to the Kingdom’s robust economic development.”

Yazaid Al Salloom, CEO Standard Chartered KSA, said ‘I am proud to be serving the Kingdom of Saudi Arabia as the first Saudi CEO in Standard Chartered. The global and regional leadership team share my excitement in our official entrance into the Kingdom, representing the Bank’s newest frontier, and one we are confident will further reinforce our purpose to drive commerce and prosperity across the region. We see great opportunities in supporting the Kingdom of Saudi Arabia’s Vision 2030 through the strength of our international network. Having a strong functional presence in the Kingdom will allow us to connect clients internationally and provide access to business opportunities in Saudi Arabia and across the globe.’

The Bank has played a hand in several prominent project financing transactions for large energy providers in Saudi Arabia, including Aramco and ACWA Power, as well as having coordinated a number of capital raising operations across the Kingdom, such as being a Global Coordinator of the Saudi government’s $2.5 billion sukuk and $5 billion bond sale organised prior to the start of the pandemic and was most recently a Joint Structurer and Bookrunner on Saudi Aramco’s landmark inaugural $6bn Sukuk which was the largest ever US$-denominated Corporate Sukuk in June 2021.

Standard Chartered has been operating in Saudi Arabia since 2010 through its capital markets operations and was a granted a full banking license in 2019 by SAMA.