27th Feb 2019 07:00
LONDON (Alliance News) - Saudi Arabia's cabinet approved a license for blue-chip lender Standard Chartered PLC to open a unit in the country, Reuters reported late Tuesday.
Reuters said the Saudi government is reforming its financial sector to allow more foreign banks to access the kingdom to meet the private sector's financing needs.
There are currently 27 banks operating in Saudi Arabia, 15 of which are foreign banks.
In October, Standard Chartered's Finance Head Andy Halford said the bank was pressing on with its application for a banking license in Saudi Arabia.
https://www.reuters.com/article/us-saudi-banks/stanchart-gets-approval-to-open-unit-in-saudi-arabia-idUSKCN1QF22I
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