Standard Chartered has sought a full commercial banking licence from the Saudi central bank as the UK lender aims to plug the biggest gap in its growing Gulf Arab business, two sources familiar with the matter said on Sunday.
With multi-billion dollar spending plans to beef up infrastructure, housing and education, Saudi Arabia tops the list of global institutions seeking to tap growth in the Gulf Arab region.
The kingdom is also on the verge of opening up its stock markets to foreign direct investors.
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