National Bank of Egypt wins licence to open Saudi Arabia branch

Saudi Arabia’s Cabinet approved on Tuesday a licence for the state-run National Bank of Egypt (NBE) to open a branch in the kingdom, Saudi state news agency SPA reported.

The decision made during the Cabinet’s virtual session chaired by the Custodian of the Two Holy Mosques King Salman bin Abdulaziz Al Saud and Prime Minister.

The Cabinet authorised the Minister of Finance to decide on any subsequent request to open other branches of the Egyptian bank in the kingdom, the statement added.