ADCB broadens its regional presence through strategic expansion into Saudi Arabia
- Date: 18-Jan-2024
- Source: The Gulf Time
- Sector:Financial Services
- Country:Saudi Arabia
ADCB broadens its regional presence through strategic expansion into Saudi Arabia
ABU DHABI/ WAM Abu Dhabi Commercial Bank (ADCB) is establishing a strategic presence in Saudi Arabia, leveraging its strong balance sheet and sophisticated corporate banking capabilities to support a growing client base, and contribute to the deepening of regional economic relationships. ADCB has received an in-principle approval from the Kingdom’s Council of Ministers and will ...
ABU DHABI/ WAM
Abu Dhabi Commercial Bank (ADCB) is establishing a strategic presence in Saudi Arabia, leveraging its strong balance sheet and sophisticated corporate banking capabilities to support a growing client base, and contribute to the deepening of regional economic relationships.
ADCB has received an in-principle approval from the Kingdom’s Council of Ministers and will open a branch in Riyadh, subject to final regulatory approvals. The Bank will provide a comprehensive range of services for corporate and institutional clients, including financing and working capital solutions, mandated by a Foreign Banking Branch licence issued by the Saudi Central Bank (SAMA).
Ala’a Eraiqat, Group Chief Executive Officer of ADCB, said, “This is a proud milestone for ADCB, and we value the support provided by the authorities in Saudi Arabia. The Bank’s decision to establish a presence in the Kingdom aligns with the accelerated expansion of our business. As a major