Saudi Arabian Monetary Authority (SAMA), the Kingdom’s central bank, has ruled out plans to establish an independent insurance authority, Alriyadh newspaper reported, citing SAMA governor, Ahmed Alkholifey.

“The rumours disseminated as regards establishing an independent insurance authority are invalid,” said Alkholifey on the sidelines of the recently-held first Joint Conference between Saudi and UAE bank officials in Riyadh.

“We currently have no potential plans for mergers between UAE and Saudi banks, except for the ongoing studies between National Commercial Bank (NCB) and Riyad Bank,” Alkholifey noted.

Alkholifey said that the Kingdom’s central bank is open for foreign ownerships, adding that there are no pending investment requests at present.

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