Saudi Arabia mulls licenses for more foreign banks: SAMA Governor

Saudi Arabian Monetary Authority (SAMA) is currently reviewing a number of foreign banks' applications, other than the banks that were licensed by the cabinet on Tuesday, Saudi Press Agency (SPA) reported, citing SAMA governor Ahmed Alkholifey.

The cabinet licensed Standard Chartered in record time, a move aiming to encourage the development of the financial sector, as part of Vision 2030, he said.

SAMA is reviewing the technical aspects of several applications in terms of adding them to the sector and the local economy.

Twenty seven banks currently operate in the Kingdom, and three branches of foreign banks were licensed in the past three years, in addition to new lender Gulf International Bank, he added.