3 for­eign banks seek Saudi li­cense

Banking Frontiers - - Banking In The Gulf -

Saudi Ara­bia has re­ceived re­quests for 3 new bank­ing li­censes. These ap­pli­ca­tions are be­ing pro­cessed by the Saudi Ara­bian Mon­e­tary Au­thor­ity (SAMA), the coun­try’s cen­tral bank. Saudi Ara­bia has 26 banks, in­clud­ing 14 branches of for­eign banks such as UAE’s Emi­rate NBD, Ger­many’s Deutsche Bank, JP Mor­gan Chase and BNP Paribas. Ac­cord­ing to SAMA, Citibank is in ad­vanced dis­cus­sions for a bank­ing li­cense as it seeks to re­turn af­ter a more than 10-year ab­sence from the coun­try. Switzer­land’s Credit Suisse is also seek­ing a bank­ing li­cense, while Gold­man Sachs is also ex­plor­ing the pos­si­bil­ity of gain­ing a li­cense from the Cap­i­tal Mar­ket Au­thor­ity to con­duct share sales and trad­ing. Mean­while, SAMA said there is no scope for bank merg­ers in the coun­try.

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