Emi­rates NDB to open more branches in Saudi Ara­bia

Banking Frontiers - - Banking In The Gulf -

Dubai’s Emi­rates NBD plans to open branches in Saudi Ara­bia. It in­tends to ap­proach the bank­ing reg­u­la­tor in the king­dom for the pur­pose and would ap­ply for 20 ad­di­tional branches. The bank re­ceived per­mis­sion for three branches in Jed­dah, Kho­bar and Riyadh in early 2017 and it plans to open them in the first quar­ter of 2018. There­after it will ap­proach the reg­u­la­tor, Saudi Ara­bian Mon­e­tary Au­thor­ity, for ad­di­tional li­censes. Ac­cord­ing to Shayne Nel­son, who head the bank, said the bank will ap­proach the reg­u­la­tor only af­ter it had set up the al­lo­cated branches. Emi­rates NBD was the first non-Saudi bank that was al­lowed to in­crease its branch net­work in Saudi Ara­bia. The bank, which had only one branch in the cap­i­tal Riyadh be­fore se­cur­ing per­mis­sion for three more, has been rep­re­sent­ing to the reg­u­la­tor for a decade to ex­pand in the coun­try.

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