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These Rules shall be applicable to the locally incorporated banks as well as the branches of foreign banks. Where a locally incorporated bank has majority owned Subsidiary(ies) operating in the financial sector, it will either formulate group level Credit Policy consistent with these Rules for application across the group or will ensure that the subsidiary’s credit policies and procedures are in line with these Rules. Furthermore, in case of foreign subsidiaries, the legal and regulatory requirements of the host country shall also be taken into account while framing their credit policies and procedures. For the purpose of these rules, majority owned subsidiary(ies) include those subsidiary(ies) where a bank owns more than 50% of its shareholding. The branches of foreign banks licensed and operating in Saudi Arabia shall also follow these Rules. However, they will apply these Rules to the extent practically applicable to them and with such modifications as may be considered expedient keeping in view the size and complexity of their business activities. Further, their Credit Policy can be approved by the Chief Executive or a relevant management committee at Head Office instead of the Board of Directors.
