The UAE’s largest bank FAB (First Abu Dhabi Bank) has secured a license from the Saudi Arabia Monetary Authority (SAMA) to establish a commercial banking business.
This license allows FAB to operate up to three branches all over the country and follows the recent approval from the Capital Market Authority for the bank to establish an investment banking subsidiary in Saudi Arabia. FAB is now moving forward with the next phase of growth plan for the Saudi market.
FAB is working on expanding its business in Saudi Arabia. It’s a foreign bank attracted by opportunities in KSA and starting an investment drive to diversify its economy beyond oil revenues.
According to Sheikh Tahnoon Bin Zayed Al Nahyan, chairman of FAB, “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.”
It is a new addition to the banking landscape and aims to provide new opportunities for customers in the region, advancement of the KSA economic agenda, and to reinforce the UAE and Saudi Arabia’s solid relationship.
Group CEO of FAB Abdulhamid Saeed said, “This is a fantastic development for the FAB Group which complements the investment banking license we received in February and allows us to provide a comprehensive proposition to customers throughout the kingdom.”