D360 Bank given approval to launch operations in Saudi Arabia
Saudi banking sector
Latest in Saudi banking sector
Saudi Arabia
Saudi banks reach highest-ever levels of credit
Saudi Central Bank (SAMA) shows growth rate of 12.1%
saudi banking
Saudi SMEs: banks and financiers granted $73bn of facilities in past 6 years
Saudi banks and financiers delivered $73bn of support to SMEs in six-year span
financial industry
Saudi financial sector’s combined financing reaches SAR75.45bn in 2022
Financing granted to the individual sector accounted for the largest part at 76%
Economic activity
Saudi Arabia’s high energy prices, tourism fuel banking sector in 2022: Report
Saudi Arabia’s Vision 2030 initiative also contributed to the sector’s growth
SAMA
SAMA to implement Basel III reforms in Saudi banks from 2023
The reforms, issued by the Basel Committee in December 2017, are intended to reduce reliance on the internal ratings-based approach by banks
financial institutions
Saudi state bank signs new deals to support small businesses in the kingdom
The agreements included a framework cooperation agreement with Bpifrance, the French public investment bank, the Small Industries Development Bank of India (SIDBI), and the Industrial Bank of Korea
Abdulla Almoayed
Tarabut Gateway announces four partnerships as open banking set to launch in Saudi Arabia
Kingdom has announced its ambition to go cashless, aiming for 70 percent non-cash transactions by 2030
D360 bank
Saudi wealth fund PIF backs new $440m digital bank
Central bank says Saudi cabinet approved a licence for D360 bank on Tuesday
Al Rajhi Bank
Saudi banking giant Al Rajhi issues $1.7bn sukuk amid high investor demand
Chairman says issuance marks the largest by a financial institution in the kingdom
ESG
Saudi banking giant first to develop sustainable finance framework
HSBC acts as ESG structuring agent as Saudi National Bank supports kingdom’s net-zero economy ambitions
banking business
Saudi banks on recovery path but mergers more likely after Covid impact
Despite low interest rates, higher net interest income and reduced impairments drove double digit profit, of 20.3 percent, for the top 10 banks in Q3
financial technology
Saudi Arabia sees $347m fintech investments as sector continues to boom
Fintech Saudi Annual Report says the number of fintech companies has grown by more than a third over the past year
Fitch Ratings
Pandemic impact on Saudi banks ‘contained’, says Fitch Ratings
Ratings agency says pressures on the Saudi banking sector have eased and economic activity is gradually recovering
Fitch Ratings
Fitch upgrades outlook for six Saudi banks on back of gov’t support
Ratings agency revises outlooks for Saudi banks to stable from negative
Alvarez & Marsal
How top banks in Saudi Arabia delivered ‘blockbuster’ profits during Q1
Alvarez & Marsal’s Saudi Arabia Banking Pulse for Q1 reveals strong earnings compared to the fourth quarter of 2020
banking industry
Standard Chartered opens first branch in deal-rich Saudi Arabia
London-based bank began operations from its Riyadh branch in the last couple of weeks with a 35-strong team, which is expanding to more than 50 over the next few years