Saudi Arabia - Country Commercial Guide
U.S. Banks and Local Correspondent Banks

Includes a list of U.S. banks operating in the market; indicates whether Ex-Im Bank offers any country-specific programs.

Last published date: 2019-10-13

According to the Saudi Arabia Monetary Authority (SAMA, the Kingdom’s central bank), the following foreign banks are licensed to do business in the Kingdom: Gulf International Bank(GIB), Emirates NBD, National Bank of Bahrain (NBB), National Bank of Kuwait (NBK), Muscat Bank, Deutsche Bank, BNP Paribas, J.P. Morgan Chase N.A, National Bank Of Pakistan (NBP), T.C.ZIRAAT BANKASI A.S., Industrial and Commercial Bank of China (ICBC), Qatar National Bank, Bank of Tokyo – Mitsubishi UFJ (Licensed - has not started yet), First Abu Dhabi Bank (Licensed - has not started yet). 

According to the SAMA website (www.sama.gov.sa/en-US/License/Pages/InternationalBanks.aspx), the State Bank of India’s bank business has been stopped upon the bank’s request of license cancellation.

According to a July issue of the Gulf Business News, the Saudi Cabinet approved the license for Commercial Bank of Iraq to open a branch in the Kingdom; however, as of this writing, there is no mention of this approval on the SAMA website.

According to Reuters, Citigroup (C.N) is considering seeking a full banking license in the Kingdom, and Mashreq, Dubai’s third-largest bank by assets, has applied for a banking license.