Foreign lender expected to get banking license soon: SAMA governor

The Saudi Arabian Monetary Authority (SAMA) is expected to issue a banking license to a foreign lender soon, after obtaining royal approval, said Ahmed Abdulkarim Alkholifey, SAMA’s governor.

Two national banks have applied for a license, but it’s still in the early stages, he told the press on the sidelines of the fifth edition of the Insurance Forum.

According to data compiled by Argaam, the Saudi cabinet has recently approved to grant Standard Chartered Bank a license to operate in the Kingdom.

The total of 14 foreign banks have branches in Saudi Arabia, including Gulf International Bank, Emirates NBD, BNP Paribas, National Bank of Kuwait, Deutsche Bank, BankMuscat, National Bank of Bahrain, JPMorgan Chase, Bank of Tokyo-Mitsubishi UFJ, Qatar National Bank, National Bank of Pakistan, Turkey’s Ziraat Bankası, Industrial and Commercial Bank of China, and First Abu Dhabi Bank.