ADCB expands into Saudi Arabia

ADCB expands into Saudi Arabia

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.The bank has obtained the approval of the Saudi Council of Ministers for a licence to operate a banking business in the Kingdom. The Bank intends to fulfil all technical and regulatory requirements stipulated by the Saudi Central Bank (Sama) before commencing operations from a new branch in Riyadh. ADCB 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.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 financial institution in the region, ADCB is well-positioned to support clients operating in the vibrant Saudi economy. Harnessing the strength of our relationships across the region, we are dedicated to being a positive force for corporate growth and a trusted facilitator for trade and investment flows.”Ludovic Nobili, Group Head of Corporate and Investment Banking at ADCB said: “ADCB