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Saudi Arabia grants license to Bank of China to open branch

Published: Updated:

Saudi Arabia’s cabinet approved the Bank of China's request for a license to open a branch in the Kingdom, Saudi state news agency SPA reported on Tuesday.

The cabinet also authorized the Minister of Finance to discuss any applications to open future branches within the Kingdom.

Bank of China joins Industrial and Commercial Bank of China (ICBC) as the second Chinese bank to operate in Saudi Arabia. ICBC was first granted a license to operate its first branch in Riyadh nearly four years ago.

The two countries have extended their relationship in recent years, and the Kingdom is now China’s top oil supplier.