Bahrain-based Gulf International Bank (GIB) is to establish a securities company in the Kingdom of Saudi Arabia. The Bank has recently obtained a licence from the Saudi Arabian Capital Market Authority.
The new company will be called GIB Financial Services and will provide various specialised services including corporate finance advisory, brokerage services and dealing in securities as principal, underwriter and agent, in addition to fund management and custodial services. Dr. Khaled M. Al-Fayez, GIB’s Chief Executive Officer, said the establishment of GIB Financial Services is part of the Bank’s strategy to continue to expand its activities in the Kingdom of Saudi Arabia and the other GCC states.
Dr. Al-Fayez explained that Saudi Arabia is a very important market for GIB, and more growth for the Bank’s business in this market is anticipated. The new company will further strengthen the Bank’s relations with its clients in the country and will give them more access to its specialised products and services, especially in the corporate advisory arena.
GIB was the first non-Saudi bank to obtain a license to open branches in the Kingdom in 2000. The Bank currently has two offices in the Saudi Arabia: one in Riyadh and another in Jeddah.
GIB is a leading regional investment bank and a pioneer in many banking services. This year New York-based Global Finance magazine named the Bank the “Best Equity Bank in the Middle East/Africa” after conducting a survey of the world’s best investment banks. The magazine said GIB was selected because it has been the exclusive financial advisor for many major IPOs in the region.
The six GCC governments own 72.5 per cent of the GIB, while the Saudi Arabian Monetary Agency owns 27.5 per cent. The Bank is one of the largest regional banks in the region, with more than US$ 27.5 billion of its own assets and US$ 22 billion of clients’ assets under management.