Middle East Economic Survey
SAMA Acquires JP Morgans Stake In GIB
The Saudi Arabian Monetary Agency (SAMA) has acquired JP Morgans 5.3% stake in Gulf International Bank (GIB) for an undisclosed sum of cash, taking its stake in the bank to 27.5%. This transaction was necessitated by the granting of a banking license to JP Morgan for establishing a branch in the kingdom, said Muhammad al-Jasir, Vice Governor of SAMA. JP Morgan was granted a license to...