First Gulf bank opens in Saudi Arabia
The Gulf International Bank opened its doors in Riyadh Wednesday, becoming the first non-Saudi Gulf bank to operate in the kingdom.
The governor of the Arab Saudi Monetary Institute, Hamad Al-Yasari, inaugurated the Gulf International Bank in Riyadh. Yasari said several Gulf banks have asked to open branches in Saudi Arabia and that all requests were being studied.
Last year, the Gulf Cooperation Council agreed to allow member states to open branches of their banks in each other's countries.
The Gulf International Bank, whose headquarters is Bahrain, will provide investment and trade services as well as all other banking services. The bank focuses its activity in the Gulf Cooperation states and has been the major loan provider for giant Saudi and Gulf companies. – (Albawaba-MEBG)
© 2000 Mena Report (www.menareport.com)