Thursday 11, May 2017 by Georgina Enzer

GIB is granted approval to become a local bank in Saudi Arabia

Gulf International Bank (GIB or the Bank) expresses its gratitude and appreciation to the Custodian of the Two Holy Mosques, King Salman bin Abdulaziz Al Saud, His Royal Highness Crown Prince, His Royal Highness the Deputy Crown Prince, and to the Government of Saudi Arabia for entrusting the Ministry of Finance to issue the necessary licence for GIB – according to the Banking Control Law.  

Chairman of the Bank, His Excellency Jammaz bin Abdullah Al-Suhaimi, expressed the bank’s gratitude and appreciation for the confidence demonstrated by the Saudi authorities in light of this announcement. His Excellency Al-Suhaimi underlined that the Bank continues to further strengthen its operations in the Kingdom of Saudi Arabia as well as across the GCC region with the aim of becoming expediently near to its client base and more capable to provide better service to its clients.

The licence is considered to be a significant turning point for GIB as it will reinforce its presence in the Kingdom through the offering of its services to its clients through providing innovative banking services and sustainable technology-oriented solutions. The Bank is also delighted to receive this announcement coinciding with the Kingdom’s strategic transition period witnessed under 2030 vision.

Currently, GIB operates its banking activities in the Kingdom of Saudi Arabia through its regional branches in Riyadh, Dhahran and Jeddah. These branches are regulated by the Saudi Arabian Monetary Authority which enabled the Bank to launch the world’s first retail banking Shari'ah-compliant digital banking service ‘Meem’ in KSA, in which it has widely been accepted. “Meem” provides the best profit rate for Murabahah deposits across the Kingdom. For more than 40 years, Gulf International Bank has been trusted by its clients in the Kingdom to finance projects and investment services. The Gulf International Bank (B.S.C.) – “The Group”, has asset base of SR 89.8 Billion of which Saudi Arabia branches account for SR 29.9 Billion as at the quarter ended 31st March 2017. The investment arm of the Bank, ‘GIB Capital LLC’, is also considered to be one of the first companies licenced and supervised by the Capital Market Authority (CMA).

Gulf International Bank (B.S.C.) is licenced by the Central Bank of Bahrain head quartered in the Kingdom of Bahrain and owned by the governments of the six Gulf Cooperation Council countries, with KSA Public Investment Fund being the principal shareholder of 97.2 per cent. In addition to the activities of the Gulf International Bank in the GCC, the Bank has branches in the United States and the United Kingdom.

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