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.
In the Name of Allah, the Most Gracious, the Most Merciful
9041070581
Saudi Central Bank (SAMA) Headquarters
General Directorate of Bank Supervision Bank Licensing Division
Reference No.: .................................... Attachments: ....................................
Reference No.: 391000003370 Date: 1439/01/12 Attachments: ....................................
Important / Urgent Circular
To: .................................... Dear Sir, With regards,
Subject: Closure of the State Bank of India Branch.
With reference to the Saudi Central Bank's announcement dated 10 August 2017 regarding the application by the State Bank of India (SBI) branch in Jeddah to cease banking operations in the Kingdom of Saudi Arabia, due to changes in the parent bank's strategic plans to reposition its branches globally. The Authority has granted the branch approval to cease banking operations upon fulfilling regulatory requirements and safeguarding the rights of customers and depositors by the end of 2017.
For information and necessary action, if any.
Yours sincerely,
Ahmed bin Abdullah Al-Sheikh Deputy Governor for Supervision
Distribution Scope:
- All banks operating in the Kingdom.
- All insurance companies.
- All financing companies.
P.O. Box 2992, Riyadh 11169, Central Telex: 404400, Telephone: 4633000, Fax: 4662119