Daily Archives: November 12, 2012
Posted by exitlanguages
JEDDAH: Saudi Arabia’s market regulator said it was not aware of any investigation into a licence it granted British bank Barclays three years ago, after a report that US authorities are probing if improper payments were made.
The Department of Justice is investigating if Barclays made any improper payment to win a banking licence to operate a wealth management arm and investment bank, the Financial Times reported yesterday, citing people familiar with the probe.
Barclays earlier said the department and US Securities and Exchange Commission were probing if it was complying with US laws in its relationships with third parties who help it win or retain business.
It was licensed to start business in Saudi Arabia in August 2009 and given final approval to start securities trading in May 2010 after the Saudi Capital Markets Authority (CMA) said it verified the bank had met all requirements.
“CMA is not aware of any probe and never received inquiries from regulatory bodies or anyone,” the regulator said.
- Saudi Arabia says not aware of Barclays probe
- Barclays probed by US over Saudi banking licence
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- Saudi Arabia nets $16.5b from pilgrims
- Jeddah shuts down 242 facilities for serving shisha