Gulf International Bank (GIB) announced that it has successfully completed conversion of its existing branches in the Kingdom of Saudi Arabia into a locally incorporated bank. This is the first time that a foreign bank in the Kingdom has been locally incorporated, the Bank’s statement said.

The locally incorporated bank will operate under the name Gulf International Bank Saudi Arabia (GIB Saudi Arabia), as a full-fledged Saudi bank offering comprehensive banking and financial services.

Chairman of GIB Saudi Arabia, Abdulla bin Mohammed Al Zamil, said: “I would like to take this opportunity to express our gratitude to the Public Investment Fund, the Ministry of Finance and the Saudi Arabian Monetary Authority for their ongoing support for GIB.” The bank is equally owned by both the Saudi Public Investment Fund and Gulf International Bank, and aims to strengthen its financial presence in the Saudi market. Now, it is regulated by the Saudi Arabian Monetary Authority and headquartered in the Eastern Province of Saudi Arabia

“PIF’s contribution and its continued partnership will enable the Bank to further accelerate the growth of our operations and customer base in the Kingdom as well as in other GCC countries and enable us to bolster our contributions to the realisation of Saudi Arabia’s Vision 2030 through increased support for the private sector and job creation,” Zamil added.