Saudi Arabia’s Cabinet on Tuesday has licensed UK-based Standard Chartered to launch operations in the Kingdom, the Saudi Press Agency reported.
The Saudi finance minister was authorized to approve requests of banks seeking to operate in the Kingdom going forward, on condition of their compliance with the applicable rules and coordination with the Saudi Arabian Monetary Authority (SAMA) to complete the necessary paperwork.
In 2017, Standard Chartered started talks with regulators in Saudi Arabia to obtain a banking license in the country, Argaam reported.
At present, 14 international banks have branches across the Kingdom, such as JPMorgan Chase & Co., Deutsche Bank AG and BNP Paribas SA, National Bank of Kuwait, Emirates NBD, First Abu Dhabi Bank and Qatar National Bank.
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