(MENAFN- Emirates News Agency (WAM))
ABU DHABI, 20th March, 2018 (WAM) -- First Abu Dhabi Bank, FAB, has secured a licence from the Saudi Arabia Monetary Authority, SAMA, to establish a commercial banking business in Saudi Arabia as part of its organic growth strategy.
The current licence allows FAB to operate up to three branches across the Kingdom, and follows the recent approval from the Capital Market Authority, CMA, for the bank to establish an investment banking subsidiary in Saudi Arabia, FAB Investment KSA.
Commenting on the announcement, H.H. Sheikh Tahnoun bin Zayed Al Nahyan, National Security Adviser and FAB Chairman, said, "We are very proud to announce this approval to extend our corporate and personal banking franchises to Saudi Arabia, which is an important milestone for FAB and a key element of our evolving international strategy. In light of the recent securities licence approval secured earlier this year, FAB is moving forward with the next phase of our growth plan for the KSA market. By providing new opportunities for customers in the region to grow stronger, this new addition to the banking landscape will be another catalyst for the continued advancement of the KSA economic agenda, and will further reinforce the UAE and Saudi Arabia's solid relationship."
For his part, Abdulhamid Saeed, Group CEO of FAB, expressed his gratitude to SAMA for their continuous support, and said that receiving the licence will enhance FAB's regional presence and will provide an important contribution to the bank's international network.
WAM/Rola Alghoul/Nour Salman
MENAFN2003201800610000ID1096624891
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.