Following approval in May 2017, Gulf International Bank (GIB) is in the final stages of converting its branches to a locally incorporated bank.
Saudi Arabia-based GIB has announced that it is now in the final stages of completing the necessary steps to convert its branches into a locally incorporated bank in Saudi Arabia (KSA), the bank’s largest market offering a potential for further growth.
In a statemen, GIB said that while the bank 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 and that the business is effectively designed to meet customer demands.
Currently, GIB operates in the Kingdom as branches of GIB Bahrain.
The lender has begun 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.
In April 2018, the bank expanded its offering in the Bahrain, where it has been operating for more than four decades.
Abdulaziz bin Abdulrahman Al-Helaissi, Group CEO of GIB, said, “We continue to enjoy strong momentum in our plans to further diversify the business, this includes expanding our presence in key markets whilst investing in technology, people as well as platforms.”