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  • 17-08-22

    Saudi banks close 42 branches in 1 year, surge digital existence

    (MENAFN) Saudi banks close 42 branches during the year ending in June, as shown by the Saudi Central Bank, also known as SAMA.

    The figure of bank branches in Saudi Arabia also decreased slightly to 1,927 in the April-June period of 2022 from 1,932 in the same period in 2021.

    The motives behind this declined figures of bank branches, and how this trend start is many but the most common guess would be the coronavirus epidemic as well as its extended impact on the whole economy, counting in the economic and banking sectors.

    Among the October-December period of 2019 and the January-March period of 2021, which includes the highest of the epidemic, 68 branches were shut down.

    Also, bank branches continued to decrease three-monthly long after ending COVID-19 lockdowns, albeit there was no clear trend.

    Among May 2020 and June 2022, 137 bank branches in the Kingdom closed.

    MENAFN17082022000045014228ID1104708813

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