Manama. Bahrain-based Gulf International Bank converted its Saudi operation into a locally incorporated bank with 7.5 billion riyals ($2 billion) capital, as the lender looks to boost its presence in the kingdom.
The bank’s Saudi arm will be owned equally by GIB, as the Bahraini lender is known, and Saudi Arabia’s Public Investment Fund, according to a statement. Abdullah Bin Mohammad Al Zamil is chairman of GIB Saudi Arabia, while GIB Chief Executive Officer Abdul Aziz Bin Abdul Rahman Al Helaissi will be executive director and CEO of the Saudi business.
GIB launched Meem, an online Islamic bank in Saudi Arabia in 2015 as it moved into retail banking.