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Standard Chartered opens first branch in Saudi Arabia

Standard Chartered opens first branch in Saudi Arabia
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Riyadh – Mubasher: British lender Standard Chartered has inaugurated its first branch in Saudi Arabia, celebrating the opening virtually, according to a press release on Thursday.

The Saudi Central Bank (SAMA) granted the license to Standard Chartered to practice banking activities in the Kingdom.

Regional CEO of Africa and the Middle East at Standard Chartered, Sunil Kaushal, said: “The Saudi market represents a valuable opportunity for Standard Chartered to contribute to boosting trade, investment, and capital flows.”

The bank operates a network expanding across 59 countries, while its strategy in Saudi Arabia will be centred on engaging with well-established global corporates, subsidiaries, and financial institutions, Kaushal added. This is in addition to providing services to support strategic transactions that can further contribute to the local market.

Standard Chartered earlier played a pivot role in several project financing transactions for Saudi energy providers like Aramco and ACWA Power.

The UK bank also coordinated a number of capital raising operations in Saudi Arabia, including being a Global Coordinator of the Saudi government’s $2.5 billion sukuk and $5 billion bond sale.

Standard Chartered has been operating in the Kingdom for the past 10 years through its capital markets operations licensed by the Capital Market Authority (CMA), followed by full banking license in 2019 by SAMA.