Abu Dhabi: First Abu Dhabi Bank (FAB), the UAE’s largest bank and one of the world’s largest and safest financial institutions, has secured a licence from the Saudi Arabia Monetary Authority (SAMA) to establish a commercial banking business in KSA as part of its organic growth strategy.

The current licence allows FAB to operate up to three branches across the Kingdom, and follows the recent approval from the Capital Market Authority (CMA) for the bank to establish an investment banking subsidiary in Saudi Arabia, FAB Investment KSA.

Commenting on the licence, His Highness Sheikh Tahnoon Bin Zayed Al Nahyan, Chairman of FAB, said: “We are very proud to announce this approval to extend our corporate and personal banking franchises to Saudi Arabia, which is an important milestone for FAB and a key element of our evolving international strategy. In light of the recent securities licence approval secured earlier this year, FAB is moving forward with the next phase of our growth plan for the KSA market. By providing new opportunities for customers in the region to grow stronger, this new addition to the banking landscape will be another catalyst for the continued advancement of the KSA economic agenda, and will further reinforce the UAE and Saudi Arabia’s solid relationship.”

Abdulhamid Saeed, Group CEO of FAB, said: “I would like to express my gratitude to the Saudi Arabia Monetary Authority for their continuous support and for providing us with the licence in record time. This is a fantastic development for the FAB Group, which complements the investment banking licence we received in February and allows us to provide a comprehensive proposition to customers throughout the Kingdom. These developments give us the platform to tap into the region’s largest economy with the full strength and capabilities of the FAB offering, and build on the strong potential of the KSA market. We’re confident that our expansion into Saudi Arabia will enhance our regional presence and will provide an important contribution to our international network, as we continue to meet the needs of our customers and help them to grow stronger.”

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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 over 19 countries outside the UAE, 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.

Based on audited financial information as at December-end 2017, FAB had total assets of AED 669 Billion (USD 182 Billion). 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 Financeâ as the safest bank in the UAE and the Middle East, 4th in emerging markets, 17th amongst commercial banks worldwide, and 31st in the world. Through a strong, diversified balance sheet, leading efficiency and a solid corporate governance structure in place, FAB is set to drive growth forward.

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Jennifer Cain

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Sahar Makki

Weber Shandwick MENA

Phone: + 971 50 1972441

Fax: + 971 2 449 4833

Email:  smakki@webershandwick.com 

© Press Release 2018