Banking Control Law

Prior to obtaining SAMA’s written approval and meeting the conditions set thereby, a bank may not: a) amend its paid-up or invested capital; b) engage in negotiations with another bank or any other entity engaging in banking business to merge therewith or participate in the business activity thereof; c) acquire shares in a company incorporated outside the Kingdom; d) cease to engage in banking business; in such case SAMA shall, prior to approving said cessation, ensure that the bank has made the necessary arrangements to protect the rights of the depositors; and e) open branches or offices in the Kingdom, or branches or offices of national banks outside the Kingdom. SAMA shall, prior to granting written authorization for the cases provided for in this paragraph, obtain the approval of the Minister of Finance and National Economy.