DUBAI- Bahrain's Gulf International Bank (GIB) has completed the conversion of its branches in Saudi Arabia into a locally incorporated bank, it said in a statement on Sunday.
The new bank, known as GIB Saudi Arabia, is jointly owned by Saudi Arabia's Public Investment Fund (PIF) and GIB, and has 7.5 billion riyals ($2.00 billion)in capital and offers banking and financial services for the kingdom.
In November, GIB raised a $500 million three-year financing facility, and in October it decided not to proceed with a planned U.S. dollar bond issue because of market conditions.
($1 = 3.7499 riyals)
(Reporting by Nafisa Eltahir, editing by Hadeel Al Sayegh) ((Nafisa.Eltahir@thomsonreuters.com; +971 56 22 61754;))