FAB expands Saudi presence with third branch in Jeddah
The bank already operates branches in capital Riyadh and Al Khobar
First Abu Dhabi Bank, the UAE’s largest bank by assets, further expanded its presence in Saudi Arabia with the opening of a branch in Jeddah as the lender looks to broaden its customer base and solidify its international footprint.
Jeddah is the third branch of the Abu Dhabi-headquartered lender in the kingdom. Earlier this year it launched operations in Saudi capital Riyadh and in Al Khobar after receiving a licence to open three branches from the Saudi Arabian Monetary Authority (Sama).
“Our new Jeddah branch marks an important step in FAB’s expansion journey in the kingdom, and the start of what we believe will be a long and successful story in Saudi Arabia,” Abdulhamid Saeed, group chief executive of FAB, said on Monday.
The opening of three branches in less than 12 months reflects “FAB’s ambition to grow our corporate banking footprint and expand our retail banking services in markets with the highest growth potential”, he added.
Saudi Arabia, the Arab world's largest economy, is a growing part of FAB’s international network spanning five continents, which enables it to use its global relationships to support local, regional and international enterprises looking to do business at home and abroad.
The bank, which also has a licence to offer investment banking services to clients in the kingdom since February 2018, seeks to capitalise on business opportunities in Saudi Arabia and strengthen its position as an engine of economic growth, it said.
Updated: December 16, 2019 04:24 PM