Saudi opens door, EBI ushered in
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The cabinet issued on 11 February a licence to Dubai-based Emirates Bank International (EBI), allowing it to open a branch in Riyadh. This is the only the second licence to be issued in the kingdom since the late 1980s, when the formation of AI-Rajhi Banking & Investment Company was approved. The other licence was issued to Gulf International Bank (GIB) in 1999 following its merger with London-based Saudi International Bank, which resulted in Saudi Arabian Monetary Agency… |