Saudi Arabia's cabinet agreed Monday to allow three foreign banks to start operating in the oil-rich kingdom, further opening up the lucrative financial sector, the official Saudi Press Agency news agency reported.
The biggest banks of France and Germany, BNP Paribas and Deutsche Bank, and JP Morgan Chase, were given the green light to open up branches in the country "provided that they comply with banking and foreign investment laws," in addition to other regulations in the kingdom, SPA said.
The cabinet authorised the finance ministry to look into further applications to allow the three banks to open other branches in the country, the news agency added. (menareport.com)
© 2004 Mena Report (www.menareport.com)
