Saudi Arabia to launch STC Bank, Saudi Digital Bank after necessary licenses granted

Saudi Arabia’s Finance Minister has issued the necessary licenses for both STC Bank and the Saudi Digital Bank, both under establishment, according to a Cabinet announcement.

Last Monday, Saudi Arabia was upgraded to the status of fifth-generation (G5) regulator by the International Telecommunications Union (ITU), a specialized agency of the United Nations to oversee all matters related to Information and Communication Technologies (ICT).

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The latest announcement comes a day after Reuters reported that Saudi Arabia's Public Investment Fund (PIF) was considering divesting part of its stake in Saudi Telecom, as the sovereign wealth fund seeks to monetise some of its assets.

The fund, which holds $430 billion of assets, has hired Goldman Sachs and Saudi National Bank's (SNB) investment banking arm to arrange a transaction, three sources said, declining to be named because the matter was not public.

(With Reuters)