UAE’s largest bank First Abu Dhabi Bank (FAB) is further expanding in the Kingdom of Saudi Arabia, according to media reports. The bank has opened a branch in Jeddah.
The Saudi Arabian Monetary Authority (SAMA) had granted licence to First Abu Dhabi Bank to open three branches in the Saudi Arabia. It started operations in Riyadh and Al Khobar in early 2019.
Abdulhamid Saeed, group CEO of First Abu Dhabi Bank, told the local media that, “Our new Jeddah branch marks an important step in First Abu Dhabi Bank’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 First Abu Dhabi Bank’s ambition to grow our corporate banking footprint and expand our retail banking services in markets with the highest growth potential.”
In February, the Capital Market Authority (CMA) granted the necessary approvals for First Abu Dhabi Bank to begin investment banking services in the Kingdom. In addition, First Abu Dhabi Bank received a licence from SAMA to set up commercial banking business in the country in March.
First Abu Dhabi Bank establishing three branches in less than 12 months in the Kingdom reflects its ambitious strategy to grow in corporate banking and retail banking services, the local media reported.
The Kingdom is a significant part of First Abu Dhabi Bank’s international network across five continents. The banks aims to further build global relationships and provide financial strength to support local, regional and international businesses.