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Standard Chartered Opens First Branch in Deal-Rich Saudi

  • Saudi stock market hit highest level since 2014 this week
  • Branch to have 50-strong team in coming years, Saudi CEO says
City Skyline And Development at King Abdullah Financial District
Photographer: Maya Anwar/Bloomberg
Updated on

Standard Chartered Plc has opened its first branch in Saudi Arabia as the kingdom attracts Western banks keen to cash in on the country’s economic reform.

The London-based bank began operations from its Riyadh branch in the last couple of weeks with a 35-strong team, which is expanding to more than 50 over the next few years, according to Yazaid Al Salloom, the head of the business. This includes about 10 staff already who were already working in capital markets.