Standard Chartered Raises $ 14.8 Billion Assets from Approved Foreign Banks in Saudi Arabia

The value of foreign banks' assets in Saudi Arabia is expected to increase by 5.4% after Standard Chartered Bank's license to reach $ 14.8 trillion.
The bank, worth $ 762 billion, will bring the total assets of foreign banks operating in Saudi Arabia to $ 14822 billion, against $ 1,1406 billion before its authorization. Standard Chartered, one of the 50 largest banks in the world in terms of assets.
The number of approved foreign banks in Saudi Arabia will increase to 16 from 14 countries and will be split between seven Gulf banks and nine foreign banks, including an Arab bank, the Iraqi Bank of Commerce.
Four of them are among the eight largest banks in the world in terms of assets, headed by China 's Bank of Industry and Commerce, the world' s largest bank with assets. over $ 4 trillion, and Tokyo Bank – Mitsubishi UFJ, Japan's largest bank and the world's fifth-largest bank with assets of $ 2.8 trillion.
JPMorgan Chase, with $ 2.5 billion in assets, was the sixth largest US bank and the fourth largest in the world, BNP Paribas, the eighth largest asset in the world with 2.4 billion USD. The three largest banks of the three largest economies The world has work permits in Saudi Arabia.
Foreign banks operating in Saudi Arabia include Deutsche Bank, with assets of $ 1.66 trillion, ranking 15th in the world and 2nd in Europe, followed by Standard Chartered Bank, Qatar National Bank ($ 221 billion), Abu Dhabi First Bank (182) billion dollars).
Emirates NBD (128 billion dollars), the National Bank of Kuwait (86 billion dollars), Bank Muscat Oman (29 billion dollars) and Bahrain International Gulf Bank (26 billion dollars).
Monitoring by the National Bank of Pakistan ($ 22 billion), the National Bank of Bahrain ($ 8 billion), the Turkish Bank of Turkey ($ 2 billion) and the Iraqi Bank of Commerce (near Half a billion dollars). Has not started yet.
Standard Chartered Bank, which has a license to operate in Saudi Arabia, recorded a 5% profit increase over last year, from $ 2.42 billion before taxes to $ 2.55 billion. 'last year. The bank plans to increase profits this year from 5 to 7%.
The strength of the world's largest banks to obtain licenses to operate in Saudi Arabia reflects the strength and soundness of the Saudi economy and the huge funding opportunities available and expected in the future as demand for funding increases during the course of the year. the coming period, in conjunction with the current and future major projects of Vision 2030.

* Economic Reporting Unit