GCC allows local banks to operate in member states

Article Abstract:

The Gulf Cooperation Council (GCC) will now permit the opening of bank branches from member countries in each country. The GCC consists of Oman, Bahrain, Kuwait, Saudi Arabia, Qatar and the United Arab Emirates. However, only GCC banks founded more than 10 years already and having shareholders' equity of $100 mil will be approved. The opening of branches will spur competition and better financial and banking services. In addition, The Gulf International Bank was also allowed to put up branches in the GCC member countries.

Banking Institutions, Depository Credit Intermediation, DEPOSITORY INSTITUTIONS, Laws, regulations and rules, Banks (Finance), Economic policy, Branch banks, Gulf Cooperation Council

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Electronic banking in the Kingdom

Article Abstract:

The Saudi Arabian Monetary Agency (SAMA) is set to encourage the use of electronic banking in the Kingdom and convert the country to a plastic card-oriented community. The country's banks have welcomed SAMA's lead by aggressively investing in automated teller machines (ATMs), point-of-sale terminals and information technology. Saudi Arabia presently possesses the biggest ATM system in the Middle East.

Commercial Banking, Functions related to deposit banking, Electronic Banking Svcs, Saudi Arabia, Technology application, Electronic banking, Bank automation

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