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Mon 21 Mar 2016 11:31 AM

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Saudi Arabia seeking greater transparency from foreign banks – report

Capital Markets Authority officials says overseas lenders will need to disclose executive pay and “significant risk factors”

Saudi Arabia seeking greater transparency from foreign banks – report

Saudi Arabia’s financial regulator has ordered foreign banks to publicly disclose financial statements in a bid to boost transparency, according
to Bloomberg
.

The newswire reported that an official at the Capital Markets Authority had said that the regulator has told international lenders to publish the information on their websites from April 1.

Two further unnamed sources told Bloomberg that foreign banks will also be required to disclose senior executives’ pay and significant risk factors.

International banks active in the kingdom include British lender HSBC, France’s Societe Generale and BNP Paribas, and the US’ JPMorgan Chase and Goldman Sachs.

Other foreign lenders include the Industrial Commercial Bank of China (ICBC), Emirates NBD and a string of other Gulf banks.

In September last year, Saudi Arabia approved Qatar National Bank’s request to open its first branch in the kingdom.

The CMA currently requires that the 12 listed banks in Saudi Arabia disclose their financial statements.

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