Saudi International Bank Changes Name after Merger
The British-based Saudi International Bank, which merged with the Gulf International Bank (GIB) half a year ago, has changed its name to Gulf International Bank (UK) Ltd., the company announced Sunday.
The Bahrain-based Gulf International Bank, which is owned by six Gulf oil monarchies, said the name change was a move to "enhance the strength and stability of the bank, and also its market perception."
"The merger has afforded us exciting new business opportunities and the scope to undertake new initiatives," added Khaled Al-Fayez, the group's chief executive officer.
The acquisition of the Saudi International Bank amounted to a growth in 550 million dollars in capital for the GIB, leading to more than one billion dollars.
The GIB is 72.5 percent owned by the Kuwait-based Gulf Investment Cooperation. The Saudi central bank holds another 22.2 percent and the US-based JP Morgan Overseas Capital Cooperation holds the remaining 5.3 percent - MANAMA (AFP)
© 2000 Al Bawaba (www.albawaba.com)