B. Bank Ownership
Effective from Jan 01 2024 - Dec 31 2023
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| 12. | As per to the BCL, the founders and members of the Board of Directors of an applicant are required to demonstrate to SAMA that they are ’fit and proper’, are persons of good reputation, are well established and are of financially sound standing and substance. In the case of foreign bank branch applicants, this requirement applies both to the foreign bank itself and to the significant shareholders of the foreign bank. SAMA requires all significant shareholders to be able to demonstrate that their involvement in the bank represents a long-term commitment and that they have the capacity to contribute additional capital, if required. |