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Saudi central bank in advanced stage of processing 3 banking licenses

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Saudi central bank in advanced stage of processing 3 banking licenses

The Saudi Arabian Monetary Authority is in an advanced stage of reviewing three applications for banking licences, Reuters reported Oct. 4, citing the central bank's governor, Ahmed al-Kholifey.

Al-Kholifey made the comments at a news conference, without disclosing the names of the companies involved. Another official said the central bank does not expect more bank mergers, following a recent tie-up plan between Saudi British Bank and Alawwal Bank.