NO. 34


Financial and Banking News

Regional Banking

NCB to Close London Branch

Saudi Arabia's largest bank in terms of assets, National Commercial Bank (NCB),announced on 19 May that senior management in Jiddah had decided to close theLondon branch in an effort to rationalize operations and cut costs. A statementreleased in London by NCB said that on a cumulative basis the London branchhad not been profitable since it opened in 1986.

The branch, which is one of eight overseas...