FIRST ABU DHABI BANK ADDS AL KHOBAR TO ITS GROWING SAUDI ARABIA BRANCH NETWORK
UAE’s First Abu Dhabi Bank (FAB) has expanded its operations in Saudi Arabia with the opening of a branch in Al Khobar, as the bank plans to support promising opportunities in the Kingdom and strengthen its presence across the region.
Abdulhamid Saeed, the Group Chief Executive Officer of FAB, said, “The opening reflects the bank’s growth ambitions and commitment to evolving its corporate banking footprint and expanding its retail banking services in markets with the highest growth potential.”
The new branch joins Riyadh to give FAB an on-ground presence in two regions of Saudi Arabia and the bank’s international network spans five continents, enabling the lender to use its global relationships, expertise and financial strength to support local, regional and international businesses seeking to do business at home and abroad.
“FAB is well placed to be a key financial services partner to the Kingdom, especially given the strength of the UAE’s relationship with Saudi Arabia and the complementary nature of the two countries’ economic development plans,” added Saeed.
In February 2018, FAB secured Capital Market Authority’s approval to commence investment banking activities in the Kingdom as FAB Capital.
FAB reported a net profit of AED 3.11 billion in the nine months ended 30 September 2019, a three per cent increase compared with AED 3.02 billion the same period last year driven by higher non-interest income.
MOST READ
INVESTMENT
India seizes Yes Bank, limits withdrawalsINVESTMENT
ING Groep plans to sell its Turkish unitINVESTMENT
SABB seeks to boost corporate lendingINVESTMENT
UBS launches new private client programINVESTMENT
Egypt plans to resume IPOs of parastatalsINVESTMENT
HSBC considering exiting from TurkeyINVESTMENT
Abu Dhabi’s Group 42 acquires BayanatINVESTMENT
Amanat considers stake in VPS HealthcareINVESTMENT
KIZAD, ECI partner to support UAE businessesINVESTMENT
Fiat Chrysler, PSA explore a potential mergerINVESTMENT
UBS investment bank job cuts reach EuropeINVESTMENT
Saudi Aramco plans to complete IPO this yearINVESTMENT
Emirates NBD’s launch of E20. credit positive
CPI Financial was established in Dubai in 1999 to meet the needs of an ever-expanding financial community, offering a comprehensive portfolio of market-leading products and services tailor-made for the banking and financial services sectors.
Loading More post
