|21 April, 2019

Bahrain's Gulf International Bank completes conversion of Saudi branches into local bank

The new bank, known as GIB Saudi Arabia, is jointly owned by Saudi Arabia's Public Investment Fund (PIF) and GIB

A security guard stands in front of the main office of the Gulf International Bank in the Bahraini capital of Manama.

A security guard stands in front of the main office of the Gulf International Bank in the Bahraini capital of Manama.

REUTERS/Hamad I Mohammed

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;))

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