Abu Dhabi Commercial Bank is latest UAE mega-bank to enter Saudi Arabia
ADCB to open Riyadh base, offer services to commercial, industrial clients
Dubai: Another mega UAE bank is expanding its overseas reach, with Abu Dhabi Commercial Bank setting up a 'strategic presence' in Saudi Arabia. It thus joins FAB and Emirates NBD with visibility in the biggest Gulf market.
ADCB plans to leverage a 'strong balance-sheet and sophisticated corporate banking capabilities to support a growing client base' in the Saudi expansion.
ADCB received an in-principle approval from the Kingdom’s Council of Ministers and will open a branch in Riyadh. The bank is to provide services for corporate and institutional clients, including financing and working capital solutions, as mandated by the 'Foreign Banking Branch' licence issued by the Saudi Central Bank (SAMA).
"The Bank’s decision to establish a presence in the Kingdom aligns with the accelerated expansion of our business," said Ala’a Eraiqat, Group CEO of ADCB. "ADCB is well-positioned to support clients operating in the vibrant Saudi economy. "We are dedicated to being a positive force for corporate growth and a trusted facilitator for trade and investment flows.”