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    2222   SA14TG012N13

SAUDI ARABIAN OIL COMPANY

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Saudi Arabian Oil : StanChart starts offering banking services from Saudi branch

07/01/2021 | 02:01am EDT
FILE PHOTO: A logo of Standard Chartered is displayed at its main branch in Hong Kong

DUBAI (Reuters) - Standard Chartered has begun offering banking services through its branch in Saudi Arabia with a team of 25 people, the bank said on Thursday, as it boosts its presence in the Arab world's biggest economy.

Saudi Arabia granted Standard Chartered a banking licence in 2019, which helps it to expand beyond the capital markets business it has conducted in the kingdom since 2011.

Standard Chartered was among other banks recently hired to lead energy giant Saudi Aramco's inaugural dollar sukuk issue that raised $6 billion.

"We are delighted to announce the commencement of business operations of (a) Standard Chartered Bank branch in the kingdom of Saudi Arabia," said Sarmad Lone, regional head of client coverage for corporate, commercial and institutional banking.

Headquartered in Al Faisaliah in Riyadh, the bank employs 25 staff and aims to grow its team ensuring the employment and development of Saudi talent, he added.

Western financial institutions have sought opportunities in Saudi Arabia since the government unveiled plans to privatise state assets and adopted reforms to lure foreign capital as part of an economic strategy to cut dependence on oil.

Last year Standard Chartered appointed Yazaid al-Salloom as chief executive of its Saudi business.

Citigroup last year said it planned to hire more bankers in Saudi Arabia for its direct custody business after adding more than 20 for onshore capital markets in the last two years.

Citi returned to Saudi Arabia in 2018 after receiving a capital markets licence following a 13-year hiatus.

(Reporting by Saeed Azhar; Editing by Clarence Fernandez)


ę Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
SAUDI ARABIAN OIL COMPANY 0.43% 35.1 End-of-day quote.0.29%
STANDARD CHARTERED PLC 1.66% 435.5 Delayed Quote.-7.98%
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Analyst Recommendations on SAUDI ARABIAN OIL COMPANY
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Financials
Sales 2021 1 352 B 360 B 360 B
Net income 2021 367 B 97 902 M 97 902 M
Net Debt 2021 245 B 65 223 M 65 223 M
P/E ratio 2021 19,1x
Yield 2021 4,02%
Capitalization 7 016 B 1 870 B 1 870 B
EV / Sales 2021 5,37x
EV / Sales 2022 4,93x
Nbr of Employees 79 000
Free-Float 1,76%
Chart SAUDI ARABIAN OIL COMPANY
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Saudi Arabian Oil Company Technical Analysis Chart | 2222 | SA14TG012N13 | MarketScreener
Technical analysis trends SAUDI ARABIAN OIL COMPANY
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Income Statement Evolution
Consensus
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Mean consensus HOLD
Number of Analysts 17
Last Close Price 35,10 SAR
Average target price 35,21 SAR
Spread / Average Target 0,31%
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Managers and Directors
Amin bin Hasan Al-Nasser President, CEO & Executive Director
Khalid Hashim Al-Dabbagh Director, SVP-Finance, Strategy & Development
Yasir bin Othman Al-Rumayyan Chairman
Ahmad Abdul Rahman Al-Sa'adi Senior Vice President-Technical Services
Ziad Thamer Al-Murshed Vice President-International Operations
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