GIB granted license to operate as local bank in KSA

Gulf International Bank (GIB) has been issued the necessary license in accordance with the Banking Control Law to operate as a local bank in Saudi Arabia by the Ministry of Finance.
GIB Chairman Jammaz bin Abdullah Al-Suhaimi expressed the bank’s gratitude and appreciation for the confidence demonstrated in it by the Saudi authorities. He said the bank continues to further strengthen its operations in the Kingdom as well as across the GCC region with the aim of becoming expediently near to its client base and more capable to provide better service to its clients.
The license is considered to be a significant turning point for GIB as it will reinforce its presence in Saudi Arabia through the offering of its innovative banking services and sustainable technology-oriented solutions to its clients.
The bank is also delighted to receive this announcement coinciding with the Kingdom’s strategic transition period witnessed under Vision 2030, according to a statement.
Currently, GIB operates its banking activities in the Kingdom through its regional branches in Riyadh, Dhahran and Jeddah. These branches are regulated by the Saudi Arabian Monetary Authority (SAMA), which enabled the bank to launch the world’s first retail banking Shariah-compliant digital banking service “Meem” in Saudi Arabia.
“Meem” provides the best profit rate for Murabaha deposits across the Kingdom. For more than 40 years, GIB has been trusted by its clients in the Kingdom to finance projects and investment services.
GIB has an asset base of SR89.8 billion ($24 billion) of which Saudi Arabia branches account for SR29.9 billion as of the quarter ending on March 31. The investment arm of the bank, GIB Capital LLC, is also considered to be one of the first companies licensed and supervised by the Capital Market Authority (CMA).
GIB is licensed by the Central Bank of Bahrain headquartered in Bahrain and owned by the governments of the six GCC countries, with KSA Public Investment Fund being the principal shareholder of 97.2 percent. In addition to the activities of GIB in the GCC, the bank has branches in the United States and the United Kingdom.

Source: Arab News