Saudi bank mergers welcome as long as good for economy – central bank governor

by FaceDXB

FILE PHOTO: Saudi Arabia’s central bank governor Ahmed al-Kholifey speaks at the meeting of G20 finance ministers and central bank governors in Riyadh, Saudi Arabia, February 22, 2020. REUTERS/Ahmed Yosri/File Photo

DUBAI (Reuters) – Saudi Arabia’s central bank governor said on Wednesday that bank mergers are welcome as long as they are good for the economy, after its biggest bank entered a binding merger agreement to create the Gulf’s third largest lender.

The Saudi Arabian Monetary Authority (SAMA) is currently considering issuing new bank licences, its governor, Ahmed al-Kholifey, said.

Reporting by Marwa Rashad and Davide Barbuscia; Writing by Yousef Saba; Editing by Gareth Jones

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