GIB converts its Saudi branches into local bank

Bahrain-based Gulf International Bank (GIB) converted its Saudi operation into a locally incorporated bank, it said on Sunday.

The bank will now operate as Gulf International Bank Saudi Arabia (GIB Saudi Arabia), a fully-fledged local bank offering comprehensive banking and financial services across the Kingdom.

With a paid-up capital of SAR 7.5 billion, GIB Saudi Arabia is owned equally by the Public Investment Fund (PIF) and GIB.  

“PIF’s contribution and its continued partnership will enable the bank to further accelerate the growth of our operations and customer base in the Kingdom as well as in other GCC countries and enable us to bolster our contributions to the realization of Saudi Arabia’s Vision 2030 through increased support for the private sector and job creation,” said Abdulla bin Mohammed Al Zamil, chairman of GIB Saudi Arabia.