Saudi Arabia’s cabinet has approved issuing a trading license to the Bank of Tokyo-Mitsubishi UFJ (BTMU), one of Japan's leading financial institutions, to open an office in the kingdom, the state-run news agency SPA reported.
The Saudi cabinet has authorized the minister of finance to decide on any upcoming requests from the bank to open more offices.
The bank should comply with the Saudi banking regulations set by the Saudi Arabian Monetary Authority (SAMA), the kingdom's central bank, as well as foreign ownership laws.
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