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UPDATE 1-Saudi Cabinet approves establishing bank of SMEs -SPA

(Adds details)

CAIRO, Feb 16 (Reuters) - Saudi Arabia's Cabinet on Tuesdayapproved establishing the bank of small and medium enterprises,state news agency (SPA) reported.

"The SMEs Bank brings together all financing solutions underone umbrella to enable the small and medium enterprises sectorto access appropriate financing and achieve stability andgrowth," the Ministry of Commerce wrote on Twitter.

"The SMEs Bank to provide all its products and services indigital form without the need to establish branches," state newsagency (SPAeconomic) wrote on Twitter.(Reporting by Omar Fahmy and Nayera Abdallah; Editing by LeslieAdler and Jonathan Oatis)