3.7.1The Licensed Person is not permitted to open new branches without obtaining a license from the Central Bank;
3.7.2The Licensed Person has to submit an application signed by its authorized signatory to the Licensing Division of the Banking Supervision Department in order to obtain licenses to open new branches; and
3.7.3The Central Bank, at its sole discretion, shall issue licenses to open new branches based on the level of compliance of the Licensed Person with applicable Laws, Rules, Regulations, Notices and the Standards and based on the prevailing policy of the Central Bank in issuing such approvals.