Standard Chartered has sought a full commercial banking licence from the Saudi central bank as the UK-listed firm aims to plug the biggest gap in its growing Gulf Arab business, according to Arabian Business, citing two unnamed sources.

StanChart received a capital markets licence in the kingdom last year and has set up a team on the ground, but a full banking licence would enable the bank to offer a variety of services to the growing Saudi population.

The bank applied for a licence from the central bank more than a year ago but has yet to hear back, one of the sources said.

The bank declined to comment to this publication when questioned on the matter. 

The wealth management arm of Standard Chartered reported a 12 per cent rise in operating income to $1.138 billion in 2011 from the year before.