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Saudi lender obtains licence to enter India

by This email address is being protected from spam bots, you need Javascript enabled to view it  on Wednesday, 12 November 2008
RIYAL DEAL: Saudi lender Samba Financial Group has won approval to start operating in India. (Getty Images - for illustrative purposes only)
RIYAL DEAL: Saudi lender Samba Financial Group has won approval to start operating in India. (Getty Images - for illustrative purposes only)

Samba Financial Group, Saudi Arabia's second-largest lender by market value, said on Wednesday it had obtained a licence to offer financial services in India.

"The group obtained on November 10 the approval of relevant official parties in India allowing the group to operate its financial services in India," Samba said in a statement posted on the bourse's website.

It did not give details on the type of financial services it was allowed to offer and did not say when it plans to start operations.

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In 2007, Samba bought a 68 percent stake in small Pakistani lender Crescent Commercial Bank, which it later renamed Samba Bank.

Samba also has branches in Dubai and in London. (Reuters)

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