Bloomberg/Simon Dawson

Halal Business

Bahrain’s GIB completes conversion of Saudi branches into local bank

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The bank will now operate as Gulf International Bank Saudi Arabia (GIB Saudi Arabia), a fully-fledged Saudi bank offering comprehensive banking and financial services across the Kingdom.

Sunday 21, April 2019 BY KUDAKWASHE MUZORIWA

Gulf International Bank (GIB) has completed the conversion of its Saudi Arabia branches into a locally incorporated bank, the first time that a foreign bank in the Kingdom has become locally incorporated.

GIB stated that with the conversion complete, the bank is now regulated by the Saudi Arabian Monetary Authority (SAMA) and it will be headquartered in the Eastern Province of Saudi Arabia with branches in Riyadh and Jeddah.

Abdulla bin Mohammed Al Zamil, the Chairman of GIB Saudi Arabia, said, “The establishment of GIB Saudi Arabia is an important milestone in the implementation of the bank’s strategy, which remains focused on the expansion of its service offering and position as a leading digital bank and it is expected to contribute positively to enhanced performance and profitability.”

Additionally, GIB Saudi Arabia is owned equally by the Public Investment Fund (PIF) and GIB with a paid-up capital of SAR 7.5 billion.

The has been operating in Saudi for nearly twenty years and in 2015 launched ‘meem’ the world’s first Shari’ah compliant digital bank.

TAGS : GIB, SAMA, PIF, meem, incorporated bank

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