GIB licensed to become local bank in Saudi Arabia

GIB licensed to become local bank in Saudi Arabia

Jammaz bin Abdullah Al-Suhaimi

MANAMA — Gulf International Bank (GIB) has been granted by the government of Saudi Arabia to become a local bank in Saudi Arabia, with the Ministry of Finance issuing the license according to the Banking Control Law.

On this occasion, GIB Chairman 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. 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 license 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. 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 Shariah-compliant digital banking service ‘Meem’ in KSA, in which it has widely been accepted. “Meem” provides the best profit rate for Murabaha 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.) has asset base of SR89.8 billion of which Saudi Arabia branches account for SR29.9 billion as at the quarter ended March 31, 2017. The investment arm of the bank, GIB Capital LLC, is also considered to be one of the first companies licensed and supervised by the Capital Market Authority (CMA). — SG