First Abu Dhabi Bank (FAB) has officially launched its first branch in Saudi Arabia. The new branch is located in Al Cayan Tower, Riyadh.
FAB chairman Sheikh Tahnoun bin Zayed Al Nahyan said: “It gives me great pleasure to open our first Saudi Arabian branch and make a further contribution towards the Kingdom’s growth story by financing businesses, providing financial services to individuals and investing in the digital economy.
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“Our expansion into Saudi Arabia represents an important milestone in our international business strategy as well as a testament to the strong ties between the UAE and Saudi Arabia.
“The Kingdom is of strategic importance to both FAB and the UAE, and it is for that reason we chose Saudi Arabia as the first destination in our international expansion plans since our merger.”
Saudi Arabian Monetary Authority governor Ahmed Abdulkarim Alkholifey also welcomed the expansion and said that the move will boost competition.
FAB was created through the merger between First Gulf Bank (FGB) and the National Bank of Abu Dhabi (NBAD) in 2017.
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By GlobalDataHeadquartered in Abu Dhabi, the bank offers personal banking, corporate and investment banking services.
The new branch in Riyadh adds to FAB’s existing international network that covers five continents.
