ADCB broadens its regional presence

Bank makes strategic expansion into Saudi Arabia

By WAM

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ADCB has received an in-principle approval from the Kingdom's Council of Ministers and will open a branch in Riyadh. — File photo
ADCB has received an in-principle approval from the Kingdom's Council of Ministers and will open a branch in Riyadh. — File photo

Published: Wed 17 Jan 2024, 8:05 PM

Abu Dhabi Commercial Bank (ADCB) is establishing a strategic presence in Saudi Arabia, leveraging its strong balance sheet and sophisticated corporate banking capabilities to support a growing client base, and contribute to the deepening of regional economic relationships.

ADCB has received an in-principle approval from the Kingdom's Council of Ministers and will open a branch in Riyadh, subject to final regulatory approvals. The Bank will provide a comprehensive range of services for corporate and institutional clients, including financing and working capital solutions, mandated by a Foreign Banking Branch licence issued by the Saudi Central Bank (SAMA).

Ala'a Eraiqat, Group Chief Executive Officer of ADCB, said: "This is a proud milestone for ADCB, and we value the support provided by the authorities in Saudi Arabia. The Bank's decision to establish a presence in the Kingdom aligns with the accelerated expansion of our business. As a major financial institution in the region, ADCB is well-positioned to support clients operating in the vibrant Saudi economy. Harnessing the strength of our relationships across the region, we are dedicated to being a positive force for corporate growth and a trusted facilitator for trade and investment flows."

Ludovic Nobili, Group Head of Corporate and Investment Banking at ADCB, said: "ADCB is on a strong growth trajectory, and a central element of our strategy is to support clients along economic corridors across regional markets. The new branch in Saudi Arabia will add an important dimension to our client offering. We look forward to further broadening our relationships with clients, financial institutions and other key stakeholders in Saudi Arabia in the coming years."


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