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Standard Chartered Bank said on Thursday it has started providing banking services through its branch in Saudi Arabia with a team of 25, with the aim of strengthening its presence in the Arab world’s largest economy.
The kingdom granted Standard Chartered a banking license in 2019, which has helped it grow beyond the money market business it has carried out in Saudi Arabia since 2011.
Standard Chartered, among other banks, was recently appointed to lead energy giant Saudi Aramco’s first dollar sukuk, which raised $ 6 billion.
“We are pleased to announce the start of operational activities of the Standard Chartered branch in the Kingdom of Saudi Arabia,” said Sarmad Lun, regional client affairs manager for corporate, corporate and institutional banking at Standard Chartered. Bank.
He added that the bank, based in Al-Faisaliah, Riyadh, employs 25 people and aims to expand its team to ensure the recruitment and development of Saudi talent.
Western financial institutions have sought opportunities in Saudi Arabia since the government unveiled plans to privatize state assets and enacted reforms to attract foreign capital as part of an economic strategy to reduce dependence on oil .
Last year, Standard Chartered appointed Yazid Al-Salloum as CEO of its Saudi operations.
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