Dubai – Mubasher: Emirates NBD, a UAE-based leading banking group, announced it is looking to expand its footprint in Saudi Arabia.

This major move comes after the bank obtained the Saudi Arabian Monetary Authority’s (SAMA) approval to open 20 additional branches in the Kingdom, according to a press release.

This highlights the growing importance of Saudi Arabia to Emirates NBD as the UAE maintains cementing long-standing strategic and economic ties with the Kingdom.

Hesham Abdulla Al Qassim, vice-chairman and managing director of Emirates NBD, said: “The leadership of the UAE and KSA have a shared vision aimed at the development of our countries and Emirates NBD is delighted to support their vision through its continued franchise in the Kingdom. Our imminent expansion plans reflect our commitment to The Kingdom of Saudi Arabia and support for Vision 2030.

“We are grateful to receive SAMA’s support as we continue to invest in the Kingdom. We aim to continue to serve and support the economic ambitions of Saudi individuals and businesses through our robust and growing presence in the Kingdom,” he added.

Emirates NBD currently operates four full-fledged branches across Saudi Arabia, the bank’s largest geographical presence outside its significant network in the UAE and Egypt.

The full-fledged branches provide clients across the kingdom’s key regions with offerings including retail banking, wealth management services and trade finance, as well as corporate finance advisory and project and syndicated finance through the bank’s investment banking arm, Emirates NBD Capital KSA.

Last week, Emirates NBD, listed on the Dubai Financial Market (DFM), said it had achieved a net profit of AED 7.5 billion in the six-month period ended 30 June 2019, up 49% year-on-year from AED 5.01 billion.

It is worth noting that Moody's Investors Service had previously assigned a B1(hyb) rating to the $1 billion perpetual non-cumulative Additional Tier 1 (AT1) capital securities issued by Emirates NBD.