First Abu Dhabi Bank has officially inaugurated its Saudi Arabia operations by opening its first branch in Riyadh
First Abu Dhabi Bank (FAB), the UAE's largest bank, has officially inaugurated its Saudi Arabia operations by opening its first branch in Riyadh.
The new branch, located in Al Cayan Tower, joins FAB’s international network which spans five continents.
Sheikh Tahnoun bin Zayed Al Nahyan, chairman of First Abu Dhabi Bank, said: "It gives me great pleasure to open our first Saudi Arabian branch and make a further contribution towards the kingdom’s growth story by financing businesses, providing financial services to individuals and investing in the digital economy.
"Our expansion into Saudi Arabia represents an important milestone in our international business strategy as well as a testament to the strong ties between the UAE and Saudi Arabia."
He added: "The kingdom is of strategic importance to both FAB and the UAE, and it is for that reason we chose Saudi Arabia as the first destination in our international expansion plans since our merger."
Dr. Ahmed Abdulkarim Alkholifey, Governor of the Saudi Arabian Monetary Authority, said that the opening of the FAB branch coincides with an "unprecedented period" in the Saudi financial sector in line with the objectives of Saudi Vision 2030.
First Abu Dhabi Bank on Monday reported a record net profit of AED3.1 billion ($840 million), up 4 percent year-on-year.
Operating income at AED4.9 billion was up 3 percent quarter-on-quarter and 1 percent year-on-year while operating expenses totalled AED1.3 billion.