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Aden - Yasmine El Tohamy - First Abu Dhabi Bank (FAB) has announced that it has further expanded into the Kingdom of Saudi Arabia with the opening of a branch in Jeddah.
The Saudi Arabian Monetary Authority (Sama) has granted FAB a licence to open three branches in the Kingdom, with the bank commencing operations in Riyadh and Al Khobar earlier in 2019.
Abdulhamid Saeed, group chief executive officer of FAB, said: "Our new Jeddah branch marks an important step in FAB's expansion journey in the Kingdom, and the start of what we believe will be a long and successful story in Saudi Arabia. We have opened branches in Riyadh, Al Khobar and Jeddah in less than 12 months to give us an on-ground presence in three locations in Saudi Arabia, reflecting FAB's ambition to grow our corporate banking footprint and expand our retail banking services in markets with the highest growth potential. We thank the Saudi Arabian Monetary Authority and Capital Market Authority for their support and guidance throughout our entry into the market."
In February 2018, the Capital Market Authority (CMA) provided FAB with the necessary approvals to commence investment banking activities in the Kingdom. The Abu Dhabi-headquartered bank was also granted a licence from the Saudi Arabian Monetary Authority (SAMA) in March to establish a commercial banking business in the country. The licence allows FAB to operate three branches in Saudi Arabia, with all three branches now fully operational in Riyadh, Al Khobar and Jeddah.
Saudi Arabia is a growing part of FAB's international network spanning five continents, which enables the bank to use its global relationships, expertise and financial strength to support local, regional and international businesses seeking to do business at home and abroad.
Through its growing presence in the Kingdom, FAB is seeking to support promising opportunities in Saudi Arabia and strengthen its position as an engine of economic growth for both the UAE and wider region.
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