Abu Dhabi – Mubasher: Abu Dhabi Commercial Bank (ADCB) has received an in-principle approval from the Saudi Council of Ministers to inaugurate a branch in Riyadh, according to a press release.
Subject to final regulatory approvals, the new launch will boost the UAE lender’s strategic presence in the Kingdom and contribute to the deepening of regional economic relationships.
ADCB will offer a comprehensive range of services for corporate and institutional clients, including financing and working capital solutions.
Ala’a Eraiqat, Group CEO of ADCB, said: “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,” Eraiqat added.
Ludovic Nobili, Group Head of Corporate and Investment Banking at ADCB, commented: “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.”
In the first nine months (9M) of 2023, the bank posted 24% year-on-year (YoY) higher net profits at AED 5.75 billion, compared to AED 4.64 billion.
