Standard Chartered opens first branch in Saudi Arabia

Standard Chartered opens first branch in Saudi Arabia

Standard Chartered opens first branch in Saudi Arabia

SCB Pakistan earned profit of Rs18.4 billion in third quarter. Image: file

Advertisement

DUBAI: The Saudi central bank has inaugurated the first branch of the Standard Chartered in the kingdom, as the government pursues ambitious economic goals with a focus on foreign investments, Arab News reported.

The inauguration comes after the bank obtained the licence to practice in the kingdom, where it has played an integral role in the financing of prominent Saudi projects.

Standard Chartered has worked with Aramco and ACWA Power, as well as directly with the government for its Sukuk transactions, the company said in a statement.

“I wish all the best for the bank to succeed and provide the desired value proposition to the sector, by providing banking services and products to micro, small and medium enterprises, and providing innovations,” Saudi central bank governor Fahad Almubarak said.

At the virtual inauguration, Standard Chartered outlined its plans to support the kingdom’s Vision 2030, which has broad objectives in the banking and financial sectors.

Advertisement

“Our strategy in the kingdom is centered on engaging with [the] well-established global corporates, subsidiaries and financial institutions, as well as providing services to support strategic transactions that can further contribute to the kingdom’s market,” Sunil Kaushal, regional chief of Standard Chartered, said.

Advertisement
Advertisement

Catch all the Breaking News Event and Latest News Updates on The BOL News


Download The BOL News App to get the Daily News Update & Follow us on Google News.


End of Article

Next Story