Saturday 23 February 2019

FAB gets licence to set up Saudi subsidiary

ABU DHABI, February 6, 2018

First Abu Dhabi Bank (FAB), the UAE’s largest bank, has secured a licence from the Capital Market Authority (CMA) to establish an investment banking subsidiary in Saudi Arabia, “FAB Investment KSA”.

The subsidiary is wholly owned by FAB and will provide arranging and advisory services throughout the Kingdom to both Saudi Arabian corporate clients and institutions looking to access international markets.

Abdulhamid Saeed, Group CEO of FAB, said: “This is a landmark development for both FAB Group and our market-leading Corporate and Investment Banking (CIB) franchise, which opens up significant opportunities for our customers to grow.

“This development will strengthen FAB’s ability to tap into one of the largest economies and capital markets in the Mena region. As a leader in the investment banking sector, we look forward to bringing our comprehensive product suite to KSA clients as well as those looking to access the Saudi and international markets.”

“The Kingdom of Saudi Arabia is widely regarded as a catalyst to ignite further economic growth across the GCC and we are delighted that FAB Investment KSA is now licenced to operate in the Kingdom. I would like to highlight that establishing this subsidiary will further cement the strong relationship which exists between the UAE and Saudi Arabia in the financial sector,” he added. – TradeArabia News Service

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