Dubai's Mashreq has applied to Saudi Arabian Monetary Authority (SAMA), the Kingdom's central bank, for a banking license, Reuters reported, citing sources familiar with the matter.
The bank sees opportunities in consumer and corporate banking, as well as renewable energy, healthcare and education, sources added.
“Within the Saudi 2030 vision, we are exploring opportunities for Mashreq in the Saudi market,” Mashreq said in a statement, without commenting on its application.
In March, Saudi cabinet approved issuing a license to UAE’s First Abu Dhabi Bank to open three branches in the country.
Other local and international lenders such as Emirates NBD, Goldman Sachs and Citigroup have applied for a banking license.
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