Gulf International Bank (GIB) has announced further progress in the implementation of its expansion strategy to position itself as a pan GCC-universal bank. GIB is now in its final stages of completing the necessary steps to convert its branches into a locally incorporated bank in Saudi Arabia, GIB’s largest market.
In May 2017, GIB received approval from the Saudi Council of Ministers to convert its branches to a locally incorporated bank, Gulf International Bank — Saudi Arabia (GIB KSA). While GIB continues to take steps to receive the required regulatory approvals, it has begun an internal process to ensure that all requirements of a locally incorporated bank license are met and that the business is effectively designed to meet customer demands.
Dr. Abdullah bin Hassan Alabdulgader, chairman of GIB, said: “As we progress the establishment of a new, locally incorporated entity in Saudi Arabia, we also reinforce our commitment to the Kingdom and its Vision 2030. This milestone sets the stage for GIB’s expansion plans across the region.”
Abdulaziz bin Abdulrahman Al-Helaissi, group CEO of GIB, added: “We continue to enjoy strong momentum in our plans to further diversify the business. This includes expanding our presence in key markets whilst investing in technology, people and platforms.”