British bank Standard Chartered has opened and started operating through its branch in Saudi Arabia.
The move comes nearly two years after the lender secured a banking licence in the country.
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According to a Reuters report, the bank commenced operation with around 25 people staff and plans to expand its team.
Standard Chartered regional head of client coverage for corporate, commercial and institutional banking Sarmad Lone was quoted by the news agency as saying: “We are delighted to announce the commencement of business operations of (a) Standard Chartered Bank branch in the kingdom of Saudi Arabia.”
Standard Chartered has been present in Saudi Arabia since 2011 operating in the capital markets business.
The expansion to banking comes as the western financial institutions seek to leverage new opportunities in the country with the kingdom aiming to diversify its economy and reduce dependence on oil.
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By GlobalDataRecently, Standard Chartered was among the large group of banks tasked to manage Saudi Aramco’s inaugural dollar sukuk issue.
Last month, Saudi Arabia’s cabinet gave its green light to the country’s finance minister to issue licences to STC Bank and Saudi Digital Bank.
Earlier this year, National Commercial Bank and Samba Financial Group merged to form Saudi National Bank.
The merger created the largest bank in Saudi Arabia and third by assets in the Gulf Cooperation Council (GCC) region.
