Riyadh – Mubasher: The Saudi Arabian Monetary Authority (SAMA) has set the requirements for foreign banks to open branches in the kingdom, the governor Ahmed Al Kholifey said.
The Saudi central bank has approved a request out of three submitted by foreign lenders to kick off their business in the GCC nation, he added on the sideline of the Financial Sector Conference (FSC) started on Wednesday, 24 April in Riyadh.
Saudi Arabia has made headways towards licensing the operations of foreign banks in the country, Al Kholifey said, noting that the final request was approved within less than a month.
On a separate note, the top official said that the kingdom has a cutting-edge payment system, and the Saudi banking sector is seeking to implement high-end digital solutions in a bid to make banking services more flexible.
Saudi Arabia does not reject the merger of banks as long as these transactions will prop up the economy, Al Kholifey stated.
During the event, the chairman of Japan-based MUFG bank said that issuing licences for global banks to operate in the kingdom has seen considerable progress over the previous period.
The two-day event is organised by SAMA, the Capital Market Authority (CMA), and the Ministry of Finance (MoF) with the participation of around 2,000 domestic and international business and finance experts.
