Regulatory Alerts2017-10-02
Closure of the State Bank of India Branch
The Saudi Central Bank (SAMA) has approved the closure of the State Bank of India (SBI) branch in Jeddah, following its August 2017 application to cease banking operations due to the parent bank's global restructuring. The Authority granted this cessation upon the branch fulfilling all regulatory requirements and safeguarding customer and depositor rights by the end of 2017. This circular mandates all banks, insurance companies, and financing institutions operating in the Kingdom to take necessary administrative actions regarding this branch closure.
Share