Gulf International Bank (GIB) announced completed the conversion of its existing branches in the Kingdom of Saudi Arabia into a locally incorporated bank. This is the first time that a foreign bank in the Saudi Arabia has become locally incorporated, Saudi Press Agency reported.
Havingreceived approval for the move from the Saudi Cabinet in May 2017, the Bankwill now operate as Gulf International Bank Saudi Arabia (GIB Saudi Arabia), afully-fledged local bank offering comprehensive banking and financial servicesacross the Kingdom.
GIBSaudi Arabia is owned equally by the Saudi Public Investment Fund (PIF) and GIBwith a paid-up capital of SR7.5 billion and a strategy to further strengthenand build the Bank's presence and levels of service in the important Saudimarket.
GIB Saudi Arabia is now regulated by the SaudiArabian Monetary Authority (SAMA) and headquartered in the Eastern Province ofSaudi Arabia, the first bank in the Kingdom to be based in the region, withbranches in Riyadh and Jeddah.
GIBhas been operating in the Kingdom of Saudi Arabia for nearly twenty years andin 2015 launched 'meem' the world's first Shariah compliant digital bank,providing the market with innovative and comprehensive products for retailcustomers.
Chairmanof GIB Saudi Arabia, Abdulla bin Mohammed Al Zamil, said: "I would like to takethis opportunity to express our gratitude to the Public Investment Fund, theMinistry of Finance and the Saudi Arabian Monetary Authority for their ongoingsupport for GIB. PIF's contribution and its continued partnership will enablethe Bank to further accelerate the growth of our operations and customer basein the Kingdom as well as in other GCC countries and enable us to bolster ourcontributions to the realisation of Saudi Arabia's Vision 2030 throughincreased support for the private sector and job creation.
"Theestablishment of GIB Saudi Arabia is an important milestone in theimplementation of the Bank's strategy, which remains focused on the expansionof its service offering and position as a leading digital bank and is expectedto contribute positively to enhanced performance and profitability. I'd like toconclude by welcoming our new Board and look forward to the next chapter ofgrowth for GIB in Saudi Arabia and across the region."
