Bahrain-based Gulf International Bank (GIB) has announced further progress in the implementation of its expansion strategy to position itself as a pan-GCC bank.
GIB said it is now in its final stages of completing the necessary steps to convert its branches into a locally incorporated bank in Saudi Arabia, its largest market.
In May 2017, the bank received approval from the Council of Ministers in Saudi Arabia to establish Gulf International Bank – Saudi Arabia (GIB KSA).
While GIB said it continues to take steps to receive the required regulatory approvals, it has begun an internal process to ensure that all requirements of a locally incorporated bank licence are met.
GIB added that it is allocating resources as required to support the establishment of the new entity and ensure a smooth transition from a branch to a locally incorporated bank.
Plans to strengthen GIB’s presence in Saudi Arabia follow expansion in Bahrain, with the launch of the kingdom´s first digital retail banking operations, meem Bahrain.
Dr Abdullah bin Hassan Alabdulgader, chairman of GIB, said: “We are proud to have been granted an approval for the establishment of Gulf International Bank – Saudi Arabia, an important milestone for the bank. This milestone sets the stage for GIB’s expansion plans across the region.”
Currently, GIB operates in Saudi Arabia as branches of GIB Bahrain.
