Bahrain’s Gulf International Bank (GIB) has completed converting its existing Saudi Arabian branches into a locally incorporated bank.

The local bank, called GIB Saudi Arabia, is jointly owned by the Saudi Public Investment Fund (PIF) and GIB.

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With a capital of SAR7.5bn ($2bn), the new lender will provide wide range of banking and financial services across the country.

The establishment of the Saudi Arabia unit follows receipt of final regulatory approvals from Saudi authorities. It is also the first time a foreign lender has established a locally incorporated bank in the country.

Additionally, the establishment of local arm is part of GIB’s strategy to strengthen its presence in the Saudi market.

GIB Saudi Arabia chairman Abdulla bin Mohammed Al Zamil said: “The establishment of GIB Saudi Arabia is an important milestone in the implementation of the Bank’s strategy, which remains focused on the expansion of its service offering and position as a leading digital bank and is expected to contribute positively to enhanced performance and profitability.

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“I’d like to conclude by welcoming our new Board and look forward to the next chapter of growth for GIB in Saudi Arabia and across the region.”

GIB Saudi Arabia will be headquartered in the Eastern Province of Saudi Arabia and will have branches in Riyadh and Jeddah. It will regulated by the Saudi Arabian Monetary Authority (SAMA).

GIB has been present in Saudi Arabia for nearly 20 years. In 2015, the bank launched ‘meem’, a Shariah compliant digital bank.