Saudi Arabia’s Cabinet approved on Tuesday a licence for the state-run National Bank of Egypt (NBE) to open a branch in the kingdom, Saudi state news agency SPA reported.
The decision made during the Cabinet’s virtual session chaired by the Custodian of the Two Holy Mosques King Salman bin Abdulaziz Al Saud and Prime Minister.
The Cabinet authorised the Minister of Finance to decide on any subsequent request to open other branches of the Egyptian bank in the kingdom, the statement added
Yehia Aboul Fotouh, Vice President of NBE said it will start working on the procedures needed and the appropriate location will be chosen and prepared so the bank can start operation in Saudi soon.
He stressed that the Saudi market is large and promising, in addition to the presence of more than three million Egyptians working in the Kingdom.
The bank official said it’s now in talks with the responsible Saudi authorities, to determine the capital of the branch, which must comply with Saudi laws.
The vice president also announced the imminent opening of a branch of the bank in Juba, the capital of South Sudan, after obtaining all approvals for the license, in addition to its branch in Khartoum.
