Saudi Arabia looks to boost participation of US banks: report

Saudi Arabia is aiming to increase the participation of American banks across the kingdom to boost economic growth, Okaz newspaper reported, citing Talaat Hafez, secretary general of media and banking awareness committee of Saudi banks.

The move comes in line with the World Trade Organization (WTO) requirements for more liberalization of markets on the banking, financial, and trade levels. It also follows a series of business agreements between the two countries which were announced at the U.S.-Saudi Investment Forum last week after King Salman’s first visit to the White House since ascending to the throne.

The kingdom’s banking sector has also benefited by expanding the number of foreign banks operating in the country over the last few years, Hafez added.