UAE’s ADCB obtains banking licence from Saudi Central Bank

UAE’s Abu Dhabi Commercial Bank (ADCB) has obtained the approval of the Saudi Council of Ministers for a licence to operate a banking business in the kingdom.

ADCB intends to fulfil all technical and regulatory requirements stipulated by the Saudi Central Bank (SAMA) before commencing operations from a new branch in Riyadh.

Under the Foreign Banking Branch licence, the bank will provide a comprehensive range of services for corporate and institutional clients, including financing and working capital solutions.

“The bank’s decision to establish a presence in the kingdom aligns with the accelerated expansion of our business. As a major financial institution in the region, ADCB is well positioned to support clients operating in the vibrant Saudi economy,” said Ala’a Eraiqat, Group CEO of ADCB.

“Harnessing the strength of our relationships across the region, we are dedicated to being a positive force for corporate growth and a trusted facilitator for trade and investment flows.”

The new branch in Saudi Arabia is expected to add an important dimension to the bank’s client offering. ADCB will leverage its strong balance sheet and corporate banking capabilities to support a growing client base.

Source: mea finance