Abu Dhabi – Mubasher: The Saudi Arabia Monetary Authority (SAMA) has granted First Abu Dhabi Bank (FAB) a licence to establish a commercial banking business in the kingdom.

The new licence allows FAB to operate up to three branches across the Saudi soil, the Abu Dhabi-listed lender said in a statement released on Tuesday.

“We are very proud to announce this approval to extend our corporate and personal banking franchises to Saudi Arabia, which is an important milestone for FAB and a key element of our evolving international strategy,” chairman of FAB Tahnoon Bin Zayed Al Nahyan said.

The recent licence followed an approval from the Capital Market Authority (CMA) permitting the Emirati bank to establish a Saudi unit under the name FAB Investment KSA.

“We are confident that our expansion into Saudi Arabia will enhance our regional presence and will provide an important contribution to our international network,” Group CEO of FAB Abdulhamid Saeed commented.