Middle East Economic Survey

VOL. XLVII

No 34

23-August-2004

SAUDI ARABIA

REGIONAL BANKING

Al-Bilad Bank To Become Eleventh Saudi Bank

Representatives of eight Saudi foreign exchange firms have signed a merger agreement to establish the kingdoms 11th banking operation Al-Bilad Bank, to be based in Riyadh following approval from the Council of Ministers on 7 June. The bank, which is expected to be launched mid-way through next year, will have share capital of SR3bn ($800mn), making it the fourth...