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Effective from 2022-05-24 - May 23 2022 To view other versions open the versions tab on the right
6.1
Banks are required to obtain approval for license from SAMA for a new branch, service center or remittance center (both within the Kingdom and overseas). SAMA's prior approval for opening of a branch abroad will be required before approaching the concerned host supervisor/regulatory authority for any such approval.
6.2
Banks will submit the proposal for obtaining license of a new branch, service or remittance center to SAMA as per their approved Branch Network Policy. The proposal should contain all relevant information on the proposed branch/center including name of the city, tentative location, zone of location, brief justification for choice of the city/location, and feasibility study (including projected business/financial impact).
6.3
Banks are required to use inactive licenses for branches/service centers/remittance centers before approaching SAMA for the new licenses.
6.4
SAMA's prior approval for a new branch, service or remittance center will not be required if such branch/center is being opened within the same zone by using the inactive licenses for branches/service centers/remittance centers. Furthermore, SAMA's prior approval will also not be required if a new branch, service or remittance center is being opened in any of the smaller zones by using the inactive license of a branch/service center/remittance center of a larger zone. However, in such cases, banks will approach SAMA at-least two months in advance for amendment of the inactive license for opening the proposed branch or center at the new location.
6.5
Banks will not be required to submit Annual Branch Expansion Plan (ABEP) to SAMA once their Branch Network Policy is approved.
6.6
Banks are expected to play their role in increasing outreach of financial services to the priority areas as a part of their corporate social responsibility.
