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Saudi Arabia’s Cabinet licenses Standard Chartered to launch operations

Saudi Arabia’s Cabinet on Tuesday has licensed UK-based Standard Chartered to launch operations in the Kingdom, the Saudi Press Agency reported.

The finance minister was entitled to approve requests of banks that want to operate in the Kingdom going forward, On condition that they abide with the applicable rules and coordination with the Saudi Arabian Monetary Authority (SAMA) to complete the necessary paperwork.

Now, there are 14 international banks have branches across the Kingdom, such as JPMorgan Chase & Co., Deutsche Bank AG and BNP Paribas SA, National Bank of Kuwait, Emirates NBD, First Abu Dhabi Bank and Qatar National Bank.