- UAE’s largest and premier banking giant FAB (First Abu Dhabi Bank), has officially inaugurated and started Saudi Arabia’s operations by opening the first branch in Riyadh.
- The new branch, situated in Al Cayan Tower, joins FAB’s international network that spans five continents.
Sheikh Tahnoun bin Zayed Al Nahyan, chairman of 1st national capital Bank, said: “It provides me immense pleasure to open our first Arabian branch and provide an additional contribution towards the kingdom’s growth story by finance businesses, providing financial services to people and finance within the digital economy.
“Our enlargement into Asian country represents a crucial milestone in our international business strategy similarly as a testament to the sturdy ties between the UAE and Saudi Arabia.”
He added: “The kingdom is of strategic importance to each pleasing and therefore the UAE, and it’s for that reason we have a tendency to selected Asian country because of the 1st destination in our international enlargement plans since our merger.”
Dr. Ahmed Abdulkarim Alkholifey, Governor of the Arabian financial Authority, aforementioned that the gap of the pleasing the branch coincides with the Associate in Nursing the “unprecedented period” within the Saudi business sector in line with the objectives of Saudi Vision 2030.
First national capital Bank on weekday reported a record net of AED3.1 billion ($840 million), up to four percent year-on-year.
Operating financial gain at AED4.9 billion was up three percent quarter-on-quarter and one percent year-on-year whereas operative expenses totalled AED1.3 billion.