GIB converts Saudi branches into SAR 7.5bn incorporated bank

GIB converts Saudi branches into SAR 7.5bn incorporated bank
GIB Saudi Arabia is equally owned by PIF and GIB

Riyadh – Mubasher: Bahrain-based Gulf International Bank (GIB) on Sunday announced the completion of converting its branches in Saudi Arabia into a locally incorporated lender to be headquartered in the Saudi Eastern Province.

The new bank, which will now operate as Gulf International Bank Saudi Arabia (GIB Saudi Arabia), is equally owned by Saudi Arabia’s Public Investment Fund (PIF) and GIB with a paid-up capital of SAR 7.5 billion ($2 billion), according to a statement.

In 2015, the lender launched ‘meem’ as the world’s first sharia-compliant digital bank which offers comprehensive retail banking services.  

“PIF’s contribution and its continued partnership will enable the bank to further accelerate the growth of [its] operations and customer base in the kingdom as well as in other GCC countries and enable [it] to bolster [its] contributions to the realisation of Saudi Arabia’s Vision 2030 through increased support for the private sector and job creation,” GIB Saudi Arabia’s chairman, Abdulla bin Mohammed Al Zamil, said.