Capital Market Authority (CMA) of Saudi Arabia has awarded brokerage licence to Standard Chartered Capital Saudi Arabia (SCCSA) in continuance with its efforts to develop and support investors in the capital markets, reported Reuters.
In a statement, CMA said that SCCSA would also be allowed to operate as an agent and underwriter, managing investment funds, arranging, advising and custody in the securities businesses.
Reportedly, the move by the Saudi central bank to stop granting commercial banking licences to foreign lenders has benifited regional players like National Bank of Kuwait (NBKK.KW) and Emirates NBD.
Since then, Standard Charrtered has been scrambling to expand its commercial banking presence in the Gulf state. It has even evinced interest to acquire a stake in local lender Saudi Hollandi Bank owned by a Royal Bank of Scotland-led consortium, reported the news agency.
