First Abu Dhabi Bank (FAB), the UAE’s largest bank, has further expanded into Saudi Arabia with the opening of a branch in Jeddah.
The Saudi Arabian Monetary Authority (SAMA) has granted FAB a licence to open three branches in the kingdom, with the bank commencing operations in Riyadh and Al Khobar earlier in 2019.
Abdulhamid Saeed, group CEO of FAB, said: “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.
“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 FAB’s ambition to grow our corporate banking footprint and expand our retail banking services in markets with the highest growth potential.”
The ribbon-cutting ceremony to mark the Jeddah opening was attended by Saleh Al-Turki, Mayor of Jeddah, Mohamed Yousuf Naghi, chairman of Chamber of Commerce – Jeddah and Hana Al Rostamani, group head of Personal Banking, FAB.
In February 2018, the Capital Market Authority provided FAB with the necessary approvals to commence investment banking activities in the kingdom.
The Abu Dhabi-headquartered bank was also granted a licence from the Saudi Arabian Monetary Authority in March to establish a commercial banking business in the country.
Saudi Arabia is a growing part of FAB’s international network spanning five continents.
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