Tuesday 23, October 2018 by Kudakwashe

FAB to launch commercial banking in Saudi in Q4 2018

 

The lender was granted a commercial banking licence in Saudi Arabia earlier this year.

First Abu Dhabi Bank (FAB), has announced that it will launch commercial banking operations in Saudi Arabia by the end of this year.

The bank is said to be expanding its staff in the Kingdom as it seeks to benefit from the Government's drive to move the economy beyond oil revenues.

FAB aid that it had already completed its first debt capital markets transaction in Saudi Arabia through its investment banking business, in February the lender was granted a licence to conduct arranging and advising activities in the securities business.

The lender also reported a 16 per cent rise in net profit in Q3 as net interest income and fees and commissions edged higher, reported Reuters.

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