The Saudi Arabian Monetary Authority (SAMA) is processing applications for three new banking licences in the country, showing scope for more banks to open in Saudi despite ongoing consolidation in the sector, its deputy governor said on Thursday.
Two are applications for traditional banking licences and one for a digital bank, according to Fahad Alshathri, deputy governor for supervision at SAMA, who was speaking on the sidelines of Euromoney’s Saudi Arabia conference in Riyadh.
Sector consolidation is a key focus across the Gulf, and Saudi Arabia is no exception.
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