Saudi Arabia’s Cabinet has ordered the finance ministry to issue a trading license for Bahrain-based Gulf International Bank’s Saudi branch, state-owned news agency SPA reported on Monday.

 

A total of 13 foreign lenders now have offices in the Kingdom: Qatar National Bank (QNB), Gulf International Bank, Emirates NBD, BNP Paribas, National Bank of Kuwait (NBK), Deutsche Bank, Muscat Bank, National Bank of Bahrain, JPMorgan Chase & Co., National Bank of Pakistan, Ziraat Bank, State Bank of India, and Industrial and Commercial Bank of China.

 

Qatar National Bank, the Middle East’s largest lender by assets, opened its first branch in Saudi Arabia on Sunday. The new branch is located in the capital city of Riyadh and will provide services to individuals and companies.

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