H. Supervision by Home Supervisor (Foreign Bank Branch Application)
Date(g): 1/12/2018 | Date(h): 23/3/1440
Status: In-Force
Effective from Jan 13 2019 - Jan 12 2019 To view other versions open the versions tab on the right
27.
Foreign bank branch applicants must have received a written consent from their home supervisor for the establishment of a banking operation in Kingdom of Saudi Arabia. Only applicants that are licensed banks in their home country and are listed in their domestic stock exchange will have their applications processed for granting of a license to operate as a foreign bank branch.
28.
Foreign bank branch applicants must satisfy SAMA that they are subject to adequate prudential supervision in their home country. In considering the standard of supervision exercised by the home supervisor, SAMA will have regard to the Core Principles of Banking Supervision (Core Principles) promulgated by the Basel Committee on Banking Supervision (BCBS). This includes whether the home supervisor supervises the foreign bank applicant on a consolidated basis in accordance with the principles contained in the Basel rules, and is prepared to co-operate with SAMA in the supervision of the bank branch in Kingdom of Saudi Arabia.
