23rd March 2018

FAB granted commercial banking licence in Saudi Arabia

First Abu Dhabi Bank (FAB) 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.

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.”