Connect with us

Hi, what are you looking for?


StanChart starts offering banking services from Saudi branch

Stock Markets5 minutes ago (Jul 01, 2021 02:06AM ET)

(C) Reuters. FILE PHOTO: A logo of Standard Chartered is displayed at its main branch in Hong Kong, China, Aug. 1, 2017. REUTERS/Bobby Yip/File Photo

DUBAI (Reuters) – Standard Chartered (OTC:SCBFF) has begun offering banking services through its branch in Saudi Arabia with a team of 25 people, the bank said on Thursday, as it boosts its presence in the Arab world’s biggest economy.

Saudi Arabia granted Standard Chartered a banking licence in 2019, which helps it to expand beyond the capital markets business it has conducted in the kingdom since 2011.

Standard Chartered was among other banks recently hired to lead energy giant Saudi Aramco (SE:2222)’s inaugural dollar sukuk issue that raised $6 billion.

“We are delighted to announce the commencement of business operations of (a) Standard Chartered Bank branch in the kingdom of Saudi Arabia,” said Sarmad Lone, regional head of client coverage for corporate, commercial and institutional banking.

Headquartered in Al Faisaliah in Riyadh, the bank employs 25 staff and aims to grow its team ensuring the employment and development of Saudi talent, he added.

Western financial institutions have sought opportunities in Saudi Arabia since the government unveiled plans to privatise state assets and adopted reforms to lure foreign capital as part of an economic strategy to cut dependence on oil.

Last year Standard Chartered appointed Yazaid al-Salloom as chief executive of its Saudi business.

Citigroup (NYSE:C) last year said it planned to hire more bankers in Saudi Arabia for its direct custody business after adding more than 20 for onshore capital markets in the last two years.

Citi returned to Saudi Arabia in 2018 after receiving a capital markets licence following a 13-year hiatus.

StanChart starts offering banking services from Saudi branch

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

You May Also Like


Stock Markets25 minutes ago (Jul 16, 2021 05:46PM ET) (C) Reuters. FILE PHOTO: Johnson & Johnson’s Neutrogena Cool Dry Sport sunscreen, which is part...


Builders, creators and developers, this one’s for you! TechCrunch has always been about discovering fresh solutions and shining the light on exciting, new products...


(C) Reuters. FILE PHOTO: Indian billionaire Gautam Adani speaks during an interview with Reuters at his office in the western Indian city of Ahmedabad...

Disclaimer: it's managers and its employees (collectively "The Company") do not make any guarantee or warranty about what is advertised or above. Information provided by this website is for research purposes only and should not be considered as personalized financial or health advice. Copyright © 2021 Wise Gazette. All Rights Reserved