UAE’s largest bank First Abu Dhabi Bank (FAB) has expanded its operations in Saudi Arabia with a new branch opening in Jeddah.

 The Abu Dhabi-headquartered bank received approvals from the Saudi Capital Market Authority (CMA) in February last year to start investment banking activities in the kingdom.

FAB also received a license from the Saudi central bank in March that allows it to operate three branches 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,” Abdulhamid Saeed, Group Chief Executive Officer of FAB, said in a statement.

(Writing by Nada Al Rifai nada.rifai@refinitiv.com, editing by Seban Scaria)

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© ZAWYA 2019