General / Saudi newspapers / first addition
Thursday 28/2/1442 AH corresponding to 10/15/2020 AD, SPA
“Al-Riyadh” newspaper said in its editorial entitled (Our Global Banks): The Financial Sector Development Program, one of the programs for achieving the Kingdom’s Vision 2030, which was announced in April 2017 and was approved by the Council of Economic and Development Affairs. Yesterday, to continue achieving the goals of its vision towards empowering its financial sector, to be among the largest financial centers in the world by the year 2030, to confirm the importance of this program in supporting the growth of the national economy and building a strong financial sector capable of facing and addressing challenges.
She added that the implementation of the program’s objectives continues, and that is why the Kingdom has made several achievements in terms of developing the financial sector, enabling its institutions to support the growth of the private sector, and establishing giant banking entities that will contribute to achieving Vision 2030. Samba Group, where the merger will generate the emergence of the largest bank in the Kingdom with a market value of 171 billion riyals.
She indicated that since the announcement of the financial sector development program and the Saudi banking sector under the supervision of the Monetary Agency, it has been working to develop its tools and mechanisms to contribute to the realization of the Kingdom’s 2030 vision, and to be strong in supporting the process of developing the national economy, stimulating savings, financing and investment, and increasing its efficiency to face the coming challenges, and forming entities A giant banking that is able to compete globally, and to be present at the global level, and not only at the local level.
She concluded: During the past years, the Saudi banking sector has witnessed strong positive developments at all levels, whether at the level of assets, deposits and loans, or at the level of financial safety and transparency indicators, and at the level of technological developments, as the Saudi banking sector has made a major technological shift, but the only catch is that The size of bank capital was not at the level of development of the Saudi economy, or the size and stature of the Kingdom’s economy, which includes the largest company in the world, which is Aramco, the largest listed company around the world, and the reason for this may be the banks ’much reticence in increasing their capital operations and the desire of some of them. In not affecting the cash distributions of its shares, despite its huge financial reserves, and perhaps the merger between Al-Ahly Bank and Samba would motivate the rest of the banks to capitalize their reserves, and to quickly catch up with the new bank.
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07:38 PM CE