Bahrain’s Gulf International Bank (GIB) has completed converting its existing Saudi Arabian branches into a locally incorporated bank.

The local bank, called GIB Saudi Arabia, is jointly owned by the Saudi Public Investment Fund (PIF) and GIB.

Go deeper with GlobalData

Premium Insights

The gold standard of business intelligence.

Find out more

With a capital of SAR7.5bn ($2bn), the new lender will provide wide range of banking and financial services across the country.

The establishment of the Saudi Arabia unit follows receipt of final regulatory approvals from Saudi authorities. It is also the first time a foreign lender has established a locally incorporated bank in the country.

Additionally, the establishment of local arm is part of GIB’s strategy to strengthen its presence in the Saudi market.

GIB Saudi Arabia chairman Abdulla bin Mohammed Al Zamil 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 is expected to contribute positively to enhanced performance and profitability.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

“I’d like to conclude by welcoming our new Board and look forward to the next chapter of growth for GIB in Saudi Arabia and across the region.”

GIB Saudi Arabia will be headquartered in the Eastern Province of Saudi Arabia and will have branches in Riyadh and Jeddah. It will regulated by the Saudi Arabian Monetary Authority (SAMA).

GIB has been present in Saudi Arabia for nearly 20 years. In 2015, the bank launched ‘meem’, a Shariah compliant digital bank.