Standard Chartered has been licensed to launch banking operations in Saudi Arabia, already one of the best performing markets in the region for the international lender.
Stanchart, as the bank is popularly known, started talks with regulators in the Kingdom to obtain a banking license in 2017. Now those talks have come to fruition.
“After viewing what had been presented by His Excellency the Minister of Finance, the Cabinet has decided to approve the license for Standard Chartered Bank allowing it to open a branch in the Kingdom,” said a statement carried by the Saudi Press Agency on Tuesday.
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“The decision also delegates the Minister of Finance to decide on any subsequent request to open other branches of the bank in the Kingdom”
Stanchart highlighted its operations in Saudi Arabia during its global results presentation on Tuesday
Slowing oil output in GCC economies continue to be a drag on the region, the bank said, while noting that its Saudi operations had performed well.
The 150-year-old lender is strongly represented across emerging markets, including the Gulf.
Stanchart has been operating in the Kingdom through Standard Chartered Capital Saudi Arabia which was established in 2009.
Stanchart was not immediately available for comment.
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