Standard Chartered in talks with regulators on Saudi banking license: report

UK-based Standard Chartered is talking to regulators in Saudi Arabia to understand the requirements to obtain a banking license in the country, Bloomberg reported, citing Standard Chartered chief executive officer Bill Winters.

"The ground rules for what is required for the banking license” are “evolving, as are so many other things in Saudi right now,” Winters told the news agency on the sidelines of a conference in Riyadh. "We continue to have conversations with the regulator to understand what the requirements are, and how we can best meet them, and can support the Kingdom towards its 2030 vision."

Standard Chartered already has a license from Saudi Arabia’s Capital Markets Authority.

The bank, which has a presence in the Gulf region, seeks to play an active role in cross-border payments and investments and wants a role in Saudi Arabian domestic capital markets, Winters said.

At present, international banks such as JPMorgan Chase & Co., Deutsche Bank AG and BNP Paribas SA, have licenses to open branches in the Kingdom. HSBC Holdings Plc, Royal Bank of Scotland Group Plc and Credit Agricole SA operate in the country through minority stakes in local banks. Citigroup Inc. is considering obtaining a banking license.