Emirates NBD, a leading banking group in the region, has announced plans for further expansion in Saudi Arabia, following the approval from the Saudi Arabian Monetary Authority (Sama) to open 20 additional branches in the kingdom.
The announcement reflects Saudi Arabia’s growing importance to Dubai’s biggest bank by assets as the UAE continues to strengthen long-standing strategic and economic ties with the kingdom, said a statement from Emirates NBD.
The bank currently operates four full-fledged branches across the kingdom’s key regions with two branches in Riyadh, a branch in Jeddah and in the Eastern province in Khobar, providing a full offering to Saudi-based individual and businesses, including retail, private, business and wholesale banking.
Saudi Arabia marks the bank’s largest geographical presence outside its significant network in the UAE and Egypt.
Hesham Abdulla Al Qassim, vice chairman and managing director, said: “The leadership of the UAE and Saudi Arabia have a shared vision aimed at the development of our countries and our bank is delighted to support their vision through its continued franchise in the kingdom.”
“Our imminent expansion plans reflect our commitment to Saudi Arabia and support for Vision 2030. We are grateful to receive Sama’s support as we continue to invest in the kingdom. We aim to continue to serve and support the economic ambitions of Saudi individuals and businesses through our robust and growing presence in the kingdom,” he added.
Emirates NBD’s full-fledged offering in the kingdom includes retail banking, wealth management services and trade finance, in addition to corporate finance advisory and project and syndicated finance through the bank’s investment banking arm, Emirates NBD Capital KSA.
With operations in Egypt, India, Singapore, and the UK and representative offices in China, Indonesia and Turkey, Emirates NBD has a strong franchise in Saudi Arabia’s key trade markets, said the statement.
The bank has played an active role in supporting Saudi Arabia’s small and medium enterprise (SME) sector, via the kingdom’s Kafalah financing programme, it added.
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