Bahrain based Gulf International Bank (GIB) is set to expand to Saudi Arabia by completing the necessary steps to convert its branches into a locally incorporated bank which is also Gulf International Bank’s largest market.
After receiving approval from the Saudi Council of Ministers to convert its branches to a locally incorporated bank, Gulf International Bank- Saudi Arabia (GIB KSA) in May 2017, GIB is continuing its steps to complete the required regulatory approvals.
According to Dr. Abdullah bin Hassan Alabdulgader, chairman of GIB:
“As we progress the establishment of a new, locally incorporated entity in Saudi Arabia, we also reinforce our commitment to the Kingdom and its Vision 2030. This milestone sets the stage for GIB’s expansion plans across the region.”
Abdulaziz bin Abdulrahman Al-Helaissi, group CEO of GIB, added the following about the latest development:
“We continue to enjoy strong momentum in our plans to further diversify the business. This includes expanding our presence in key markets whilst investing in technology, people and platforms.”
About Gulf International Bank
Founded in 1975, Gulf International Bank provides wholesale commercial, asset management, and investment banking services worldwide. Headquartered in Bahrain, Gulf International Bank company operates through Wholesale Banking, Treasury, and Financial Markets segments.