Standard Chartered Opens 1st Branch in Saudi Arabia

The Saudi central bank has inaugurated the first branch of Standard Chartered in the Kingdom, as the government pursues ambitious economic goals with a focus on foreign investments.

The inauguration comes after the bank obtained the license toF 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.

“Our strategy in the Kingdom is centered on engaging with 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.