Bahrain based Gulf International Bank (GIB) 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.
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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.
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GIB launched Meem, an online Islamic bank in Saudi Arabia in 2015 as it moved into retail banking.
Editor’s note: GIB, which has been operating in the kingdom for almost two decades, is the first financial institution to be allowed a conversion into a local bank. It received initial approval from the Saudi Council of Ministers in May 2017 and has branches in Riyadh and Jeddah. The lender will look to further strengthen and build its presence in the kingdom, the biggest banking market in the Arabian Gulf.
