Regulatory Alerts2022-05-24
Regulation on Branch Network
Issued by the Saudi Central Bank, this regulation establishes a comprehensive framework for banks to plan, license, open, close, and relocate branches, service centers, and remittance centers across Saudi Arabia. Banks must develop and submit a Branch Network Policy to SAMA, secure prior approval for new licenses or utilize inactive ones, and prioritize financial inclusion in designated priority zones while promoting digital service channels. The regulation mandates clear customer communication during branch changes, restricts closures in priority zones while permitting relocations, and requires quarterly reporting on branch activity and customer service delivery.
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