Abdulhamid Saeed, Group Chief Executive Officer of FAB, said: “Our new Jeddah branch marks an important step in FAB’s expansion journey in the Kingdom, and the start of what we believe will be a long and successful story in Saudi Arabia. We have opened branches in Riyadh, Al Khobar and Jeddah in less than 12 months to give us an on-ground presence in three locations in Saudi Arabia, reflecting FAB’s ambition to grow our corporate banking footprint and expand our retail banking services in markets with the highest growth potential. We thank the Saudi Arabian Monetary Authority and Capital Market Authority for their support and guidance throughout our entry into the market.”
In February 2018, the Capital Market Authority (CMA) provided FAB with the necessary approvals to commence investment banking activities in the Kingdom. The Abu Dhabi-headquartered bank was also granted a licence from the Saudi Arabian Monetary Authority (SAMA) in March to establish a commercial banking business in the country. The licence allows FAB to operate three branches in Saudi Arabia, with all three branches now fully operational in Riyadh, Al Khobar and Jeddah.
Saudi Arabia is a growing part of FAB’s international network spanning five continents, which enables the bank to use its global relationships, expertise and financial strength to support local, regional and international businesses seeking to do business at home and abroad.
Through its growing presence in the Kingdom, FAB is seeking to support promising opportunities in Saudi Arabia and strengthen its position as an engine of economic growth for both the UAE and wider region. The bank’s personal and corporate banking activities in the
Kingdom will benefit individuals and businesses with interests in Saudi Arabia, the UAE or across the two countries.
About First Abu Dhabi Bank (FAB)
FAB, the UAE’s largest bank and one of the world’s largest and safest institutions, offers an extensive range of tailor-made solutions, and products and services, to provide a customised experience. Through its strategic offerings, it looks to meet the banking needs of customers across the world via its market-leading Corporate and Investment Banking and Personal Banking franchises.
Headquartered in Abu Dhabi in Khalifa Business Park, the bank’s international network spans five continents, providing the global relationships, expertise and financial strength to support local, regional and international businesses seeking to do business at home and abroad.
In line with its commitment to put customers first, to Grow Stronger, FAB will continually invest in people and technology to create the most customer-friendly banking experience, and will support the growth ambitions of its stakeholders across countries in which the bank operates.
To empower its customers and clients to Grow Stronger, FAB initiated a powerful movement, which goes beyond banking. The Grow Stronger movement represents the bank’s promise to support its stakeholders’ goals and growth ambitions, providing ideas, tools and expertise to help them become stronger, today and in the future.
With total assets of AED 788 Billion (USD 214 Billion) as of September-end 2019, FAB is rated Aa3/AA-/AA- by Moody’s, S&P and Fitch, respectively, the strongest combined ratings of any bank in the MENA region. The Bank has been ranked by Global Finance as the safest bank in the UAE and the Middle East. The Banker Magazine, has named FAB as the second largest bank in the Middle East by Tier 1 Capital in its Top 1000 World Banks 2019 ranking. FAB is well positioned to unlock the full potential of a unified bank with a strong focus on customer experience, digitisation and continued growth, as we enter the next phase of our journey to grow stronger.
For further information, visit: www.bankfab.com
© Press Release 2019