National Bank of Kuwait – Saudi Arabia has obtained approval from the Saudi Arabian Monetary Authority (SAMA), the Kingdom’s central bank, to open two new branches in Riyadh and Dammam, the bank said in a statement.
“The acquisition of two new branches in the Kingdom is part of the Bank's integrated strategic plan to expand in the Kingdom, which is deemed the largest market in the region and offers promising opportunities, thanks to its economic performance stability,” NBK’s Group Chief Executive Officer, Isam Al-Sager, said,
NBK opened its first branch in Jeddah in 2006.
The Saudi central bank had earlier licensed 12 foreign banks to operate in the Kingdom, including Emirates NBD, Gulf International Bank, Muscat Bank, Deutsche Bank, BNP Paribas and J.P. Morgan Chase N.A.
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