Saudi Arabia Grants License to Bank of China
Saudi Arabia has given state-owned lender Bank of China (BOC) permission to operate within the Kingdom.
The Saudi Cabinet approved a license for BOC to engage in banking operations on Tuesday, making the big state-owner lender the 15th non-Saudi licensed bank in the Kingdom.
The Industrial and Commercial Bank of China (ICBC), another big state-owned lender, opened its first Saudi Arabian branch back in 2012 in the capital city of Riyadh.
BOC currently maintains lending relationships with the Saudi Electricity Company and Zain Group.