Standard Chartered offers banking services in a new office in Saudi Arabia.
The British bank received a capital markets license in 2011 and approval from the Central Bank of Saudi Arabia to conduct banking in the Kingdom in 2019.
The new headquarters of Standard Chartered is in Al Faisaliah. The new branch currently employs 25 people and intends to increase the number of employees on-site in due course.
“We will use our presence in the Kingdom to promote trade, investment and capital flows in support of the Saudi Vision 2030 under the leadership of the Guardian of the Two Holy Mosques, King Salman bin Abdulaziz, and His Royal Highness the Crown Prince Mohammed Bin Salman of our network that spans 60 countries, now including the Kingdom, ”said Sarmad Lone, regional director of customer support for corporate, commercial and institutional banks, in a statement.
The latest edition of the UK banking scene comes as reported in June that the cumulative revenues of the top 10 banks in Saudi Arabia increased 34.1 percent in the first quarter of 2021 compared to the previous quarter
The AandM’s Banking Pulse Saudi Arabia said lenders in the kingdom has “recovered and had very successful first quarter results”, largely due to the improvement in macroeconomic conditions, the country’s buoyant capital market and a sharp decline in losses. .
“Looking to the future, credit growth is likely to be driven by the continued strength of home loans and a recovery in demand for corporate loans in the second half of 2021 as economic activity continues to improve,” said Asad Ahmed, managing director and head of AandM of Financial Services in the Middle East. “Corporate lending is expected to gain ground as the Public Investment Fund plans to invest $ 40 billion annually in the economy through 2025 to support the business.”
Ahmed said that following the merger of Saudi banking giants National Commercial Bank and Samba to form Saudi National Bank, other lenders in the UK would also seek to consolidate their position and improve their capital base.