Emirates NBD expansion comes as Saudi Arabia opens up its economy to foreigners as part of a plan to diversify away from oil
Emirates NBD on Wednesday said it has received approval to open 20 more branches in Saudi Arabia as Dubai’s biggest bank expands in the Arab world’s largest economy.
The state-controlled lender currently operates two branches in Riyadh, one in Jeddah and another in Khobar in the east.
The expansion comes as Saudi Arabia opens up its economy to foreigners as part of a plan to diversify away from oil. The country’s cabinet last year gave approval to First Abu Dhabi Bank, Emirates NBD’s rival in the neighbouring emirate, to open three branches in the kingdom.
Emirates NBD said it opened additional branches in Egypt and got regulatory approvals to buy Moscow-based Sberbank’s wholly-owned unit in Turkey.For all the latest banking and finance news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.