Egypt submits request to SAMA to open banks in Saudi Arabia

The Egyptian government has submitted a request to the Saudi Arabian Monetary Authority (SAMA) to obtain licenses and open two branches for Banque Misr and the National Investment Bank in Saudi Arabia, Al-Eqtisadiah newspaper reported, citing sources familiar with the matter.

The Kingdom’s central bank welcomed the Egyptian request, subject to meeting the regulatory requirements, the report said.

According to data compiled by Argaam, licensed banks in Saudi Arabia include Gulf International Bank, Emirates NBD, National Bank of Bahrain, National Bank of Kuwait, BankMuscat, Deutsche Bank, BNP Paribas, JPMorgan Chase NA, National Bank of Pakistan and State Bank of India (License suspended after the bank requested to cancel the licenses), Ziraat Bankası, Industrial and Commercial Bank of China, Qatar National Bank, Bank Tokyo- Mitsubishi UFG (licensed and not yet operational), and Citigroup which opened its first branch last month.