Riyadh – Mubasher: Qatar National Bank Group’s (QNB Group) licence to open a new branch in Saudi Arabia is a good step to enhance competition in providing modern, diversified services and products to the Saudi banking sector, Saudi Arabian Monetary Authority (SAMA) governor Ahmed Bin Abdulkarim Alkholifey said.
The Saudi banking sector is strong after achieving a 19.5% increase in adequacy of capital, Alkholifey added, according to SAMA’s statement.
The KSA banking sector is ranked fifth in the list of the strongest sectors worldwide, according to Fitch Ratings, in addition to achieving a low rate of non-performing loans of 1.4%, and achieving high liquidity and profitability rates, SAMA’s statement concluded, citing Alkholifey.
