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FAB gets Saudi license for commercial banking

UAE’s First Abu Dhabi Bank (FAB) has received a license from the Saudi Arabia Monetary Authority to establish a commercial banking business in the country. The bank’s chairman Sheikh Tahnoon Al Nahyan said it has received approval to extend its corporate and personal banking franchises to Saudi Arabia, which is an important milestone for the bank and a key element of its evolving international strategy. He said in the light of the recent securities license approval secured earlier this year, the bank is moving forward with the next phase of its growth plan for the KSA market. The license allows the bank, through its subsidiary FAB Investment KSA, to operate 3 branches in the kingdom.

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