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29 October 2019
INVESTMENT

UAE’s FAB expands its Saudi footprint, opens new branch in Al Khobar

In March 2019, the Abu Dhabi-based bank was granted a licence by the Saudi Arabian Monetary Authority to open a commercial banking business in the country and the licence allows the lender to operate three branches.

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.


RELATED STORIES: SAUDI ARABIAN MONETARY AUTHORITY FIRST ABU DHABI BANK AL KHOBAR


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