Bank of Jordan plans to open branch in Saudi Arabia

Bank of Jordan is planning to enter the Saudi market, Al-Eqtisadiah newspaper reported, citing the lender’s chairman Shaker Tawfiq Fakhouri.

The bank aims to provide competitive finance and lending services, in line with Saudi Arabia’s Vision 2030, Fakhouri said.

No further details were provided over when the lender would open its first Saudi branch.

Bank of Jordan, Jordan’s largest bank, was founded in 1960. It has branches in Palestine and Syria, and its capital reaches JOD 200 million (around SAR 1 billion).

Thirteen branches of foreign banks currently operate in Saudi Arabia, including six branches of Gulf banks.

Foreign lenders need to obtain a license from Saudi regulatory authorities to be able to open a branch in the kingdom.

Earlier this month, Dubai-based Emirates NBD said it had obtained regulatory approval to open three new Saudi branches in Riyadh, Jeddah, and Al Khobar.