Bahrain's GIB Establishes Saudi Arm With $2bn Capital
Bahrain-based Gulf International Bank converted its Saudi operation into a locally incorporated bank with 7.5 billion riyals ($2 billion) capital, as the lender looks to boost its presence in the kingdom.
The bank’s Saudi arm will be owned equally by GIB, as the Bahraini lender is known, and Saudi Arabia’s Public Investment Fund, according to a statement. Abdulla bin Mohammed Al Zamil is chairman of GIB Saudi Arabia, while GIB Chief Executive Officer Abdulaziz bin Abdulrahman Al-Helaissi will be executive director and CEO of the Saudi business.
GIB launched Meem, an online Islamic bank in Saudi Arabia in 2015 as it moved into retail banking.
For all the latest banking and finance news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.
Subscribe to Arabian Business' newsletter to receive the latest breaking news and business stories in Dubai,the UAE and the GCC straight to your inbox.
Investcorp exits RESA Power In Sale To Kohlberg, Marking First Exit For North American PE Fund
Investcorp aims to replicate RESA’s success globally across its private equity business Read more
Gate Group Secures Dubai VARA License
Gate Group’s Dubai arm is accelerating the expansion of its local team as it prepares for its official launch Read more
UAE Reviews Tax Authority Achievements As Report Identifies Over 537,000 Corporate Tax Registrants And 511,000 Signed Up For VAT
UAE Federal Tax Authority meets to discuss progress Read more
UAE Announces New Tax Rule
The UAE has announced a new waiver for tax fines in the country Read more
First Abu Dhabi Bank Powers Ahead With Record Q1 Numbers
Total income up 11 per cent to $2.4bn as net profit rises 23% to $1.4bn and profit before tax reaches $1.67bn; Total as... Read more
UAE To Launch Dirham-backed Stablecoin
Dirham-backed stablecoin launched in the UAE will enable simple digital payments Read more