AMMAN — The Central
Bank of Saudi Arabia has granted licenses to six foreign
banks to begin
operations in the kingdom. This move is part of the nation's ongoing efforts to
boost its financial sector and attract foreign investment, according to Ammon
News.
اضافة اعلان
The
Bank of Jordan is
among the six banks that have been granted licenses to operate in Saudi Arabia.
This marks the first time a Jordanian bank will have a presence in the neighboring kingdom.
Foreign banksTwo Egyptian banks,
Banque Misr and the National Bank of Egypt, will also enter the Saudi market
for the first time. The Central Bank of Saudi Arabia has confirmed on its
website that both banks have been granted licenses to carry out banking
activities through foreign branches.
However, their
operations are yet to commence.
The Central Bank of
Saudi Arabia has also granted licenses to the Omani Sohar International Bank,
the Bank of China Limited, and the Trade Bank of Iraq to operate in the
kingdom.
These banks join a
total of 16 foreign banks and banks currently operating in
Saudi Arabia.
With the entry of
these six banks, the number of foreign bank branches in Saudi Arabia is expected
to increase to 35, while the number of licenses granted to foreign banks will
rise to 22.
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