No.:BC/198

Date: 12-11-1400H

(21-9-1980A.D)

Circular to All Banks Operating in The Kingdom

The Manager

Greetings,

One of the most important objects of the Saudization of foreign banks operating in the Kingdom is to upgrade the banking operation, create Saudi banking cadres and train the largest number of Saudi young men on banking operations.

It has been noticed that some banks try to attract Saudis working for other banks which had invested large amounts of money for training such Saudi employees to have them shoulder higher responsibilities at the bank. SAMA calls on you not to employ any Saudi who is working for another bank unless you receive a written approval from that bank.

Please acknowledge receipt and notify all your branches to act accordingly.

Regards,

For: The Director Gerneral of Banking Control

A.S. Balamash

CC.:The Office of HE the Governor

The Office of HE the Vice Governor

Banking Control (3 copies)