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Sun 21 Apr 2019 02:43 PM

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Bahrain's GIB establishes Saudi arm with $2bn capital

The bank's Saudi arm will be owned equally by GIB and Saudi Arabia's Public Investment Fund

Bahrain's GIB establishes Saudi arm with $2bn capital

Bahrain-based Gulf International Bank converted its Saudi operation into a locally incorporated bank with 7.5 billion riyals ($2 billion) capital, as the lender looks to boost its presence in the kingdom.

The bank’s Saudi arm will be owned equally by GIB, as the Bahraini lender is known, and Saudi Arabia’s Public Investment Fund, according to a statement. Abdulla bin Mohammed Al Zamil is chairman of GIB Saudi Arabia, while GIB Chief Executive Officer Abdulaziz bin Abdulrahman Al-Helaissi will be executive director and CEO of the Saudi business.

GIB launched Meem, an online Islamic bank in Saudi Arabia in 2015 as it moved into retail banking.

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