(Bloomberg) -- Bahrain-based Gulf International Bank converted its Saudi operation into a locally incorporated bank with 7.5 billion riyals ($2 billion) capital, as the lender looks to boost its presence in the kingdom.
The bank's Saudi arm will be owned equally by GIB, as the Bahraini lender is known, and Saudi Arabia's Public Investment Fund, according to a statement. Abdulla bin Mohammed Al Zamil is chairman of GIB Saudi Arabia, while GIB Chief Executive Officer Abdulaziz bin Abdulrahman Al-Helaissi will be executive director and CEO of the Saudi business.
GIB launched Meem, an online Islamic bank in Saudi Arabia in 2015 as it moved into retail banking.
To contact the reporter on this story: Matthew Martin in Dubai at mmartin128@bloomberg.net
To contact the editors responsible for this story: Stefania Bianchi at sbianchi10@bloomberg.net, Claudia Maedler, Abbas Al Lawati
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