Saudi Arabia Grants License to Bank of China

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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.

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