Dubai's Mashreq applies for Saudi banking licence -sources | Reuters:
"Mashreq, Dubai’s third-largest bank by assets, has applied to Saudi Arabia’s central bank for a banking licence as it seeks to benefit from opportunities surrounding the kingdom’s ambitious economic reform plans, according to sources familiar with the matter.
It follows similar moves by other foreign lenders including Goldman Sachs, Citigroup and fellow United Arab Emirates-based lenders First Abu Dhabi Bank and Emirates NBD.
“Within the Saudi 2030 vision, we are exploring opportunities for Mashreq in the Saudi market,” Mashreq said in a statement, without commenting on what the sources said about the application for a banking licence."
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