Riyadh – Mubasher: Saudi Arabia’s Council of Ministers on Tuesday approved awarding a licence to Standard Chartered Bank to inaugurate a branch in the kingdom over the coming period.

The council authorised the Saudi minister of finance to decide on the possibility of opening offices for other lenders in the kingdom, according to the Saudi Press Agency (SPA).

London-based Standard Chartered must collaborate with the Saudi central bank, which is known as the Saudi Arabian Monetary Authority (SAMA), to complete regulatory procedures.

Earlier on Tuesday, the British lender reported a 20% drop in its net profit in 2018, logging $618 million, compared with $774 million during 2017.