Saudi Arabia grants two banks a “no objection” to contract with...

Riyadh – Mubasher: The Saudi Arabian Monetary Agency “SAMA” revealed that it granted a “no objection” to two banks to contract with commercial companies as banking agents.

The Saudi Monetary Agency stated, according to Al-Eqtisadiah newspaper, today, Sunday, that the official announcement of these agreements is expected during the coming period..

“SAMA” indicated that the rules governing the practice of banking agency activity require that banks obtain a non-objection from the institution to benefit from the banking agency activity..

She also pointed out that the Arab National Bank’s experience with (Saudi Post) as a banking agent continues to exist through nine post offices spread in different locations in the Kingdom..

Sama emphasized that there is no obligation for banks and banks operating in the Kingdom to contract with a banking agent to provide banking services on their behalf, as this depends on the bank’s decision and strategy to spread and provide banking services..

She indicated that the rules governing the practice of banking agency activity determined the services permitted to be practiced by banking agents, and gave banks the opportunity to choose which of these services to be provided through banking agents..

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