By: Mahmoud Salah Aldin
Riyadh – Mubasher: Four global and Arab banks aspired to expand in Saudi Arabia lately, including the Bank of Tokyo-Mitsubishi UFJ which obtained the licence from the Saudi Arabian Monetary Agency (SAMA) to open a branch in the Kingdom.
Emirates National Bank of Dubai (Emirates NBD) also got the licence to open three branches in KSA.
Citibank is in talks over getting a banking licence in the Kingdom, while Bank of Jordan seeks opening its first branch.
The Saudi economy is one of the big and strong economies globally and having around 20 banks operating is relatively little as the number should reach 50, economy professor at King Abdulaziz University Osama Al Qalaly said.
The number of banks operating in Saudi Arabia amounts to 25, including twelve Saudi banks and 13 foreign ones, according to figures released by SAMA.
Al Qalaly noted that increasing the number of banks will raise the competition and enhance the service and performance, amid the need for wider and bigger banking services.
The geographic position of KSA enables it to be on top of the global transit trade, the professor added.
Saudi Arabia contains 2,044 bank branches led by Al Rajhi Bank with 544 branches, the National Commercial Bank (NCB) with 374 branches, and Riyad Bank with 339 branches.
Translated by: Sara Ghali
