Riyadh – Mubasher: The Saudi Arabian Monetary Authority has received three requests for banking licences, Reuters reported on Wednesday, citing a top official as saying.
SAMA is at an advanced stage in awarding these licences, the Saudi central bank’s governor Ahmed Al-Kholifey said, but declined to name the entities requesting the licences.
Meanwhile, another SAMA official said that the bank does not expect new mergers between banks in the coming period.
In April, Saudi Arabia’s Alawwal Bank and Saudi British Bank (SABB) said they had agreed to enter into talks over a possible merger.
Over the past several months, four international and Arab banks announced plans to expand in the Saudi market, including Bank of Tokyo-Mitsubishi UFJ. Citi Bank is also in talks to receive a licence to operate in the kingdom, according to recent news reports.
Dubai-based Emirates NBD recently received a licence to open three branches across the kingdom, while the Bank of Jordan said it was looking to open its first branch in the country.
Speaking at an event in Riyadh on Wednesday, SAMA officials said they expect the Saudi economy to grow in the coming period, noting that they were not concern with deflation as there is evidence of consumer spending.
