4. Application Process Guidelines
1. Pre-Application Consultations
29. Prospective applicants for a license to carry on banking business in Kingdom of Saudi Arabia are encouraged to contact SAMA to discuss their plans prior to submitting a formal application. Consultations with prospective applicants before they submit an application will help them to:
I. Understand SAMA’s licensing procedures.
II. Understand SAMA’s expectations of banks, and in particular any concerns that SAMA might have early on, and which will help the prospective applicant make an informed decision about whether to spend time and other resources on an application that may not progress further.
30. To start the pre-application process, prospective applicants should contact SAMA to arrange an initial meeting.
2. Information Required to Be Submitted with the Application
31. After the pre-application consultations, prospective applicants should be ready to submit their formal application for SAMA to assess. Prospective applicants can find the application form they need to complete on SAMA’s website. All the supporting information and other requirements to be submitted by an applicant to carry out banking business in the Kingdom of Saudi Arabia, either to operate as a locally incorporated bank or as a foreign bank branch, is set out in the Application Form.
32. SAMA may seek such additional information from an applicant, as is necessary, to assess the application.
3. Submission of Application
33. Two copies of the final application (one hard copy and one soft copy (via e-mail)), each to be signed by two authorized Directors of the applicant (preferably the Chairman of the Board of Directors and the Chief Executive Officer (CEO), including all the required information and supporting documents as set out in the Application Form, should be submitted to SAMA. These should be sent to the physical and e-mail addresses shown in the front page of the Application Form. If there are any changes to the information provided before a decision on the application has been made, the applicant should notify SAMA in writing as soon as possible.
4. Processing and Notification
34. All applications will be processed within reasonable time, having regard to the particular circumstances of each application, including the completeness of information and documents submitted to SAMA by the applicant. For applicant’s application to be assessed as complete, it would need to have provided SAMA with a fully and correctly completed Application Form with all its supporting requirements. The information provided must also be of sufficient quality and detail to allow SAMA to complete its assessment.
35. Applicants should expect to receive written acknowledgement (by e-mail) of receipt of their application from SAMA along with confirmation of their case officer/s name within fifteen (15) business days.
36. SAMA will endeavor to assess an application and reach a decision within a reasonable time. Throughout the processing and assessment of the application, SAMA may have queries or require further information from the applicants. Applicants can help to make the process as efficient as possible by responding promptly and comprehensively to any SAMA queries.