First Abu Dhabi Bank to enter Saudi market this year

Abu Dhabi-listed First Abu Dhabi Bank (FAB) will foray into Saudi Arabia's banking market this year, Reuters reported, citing a senior bank executive.

The bank has applied for a commercial banking licence in the Kingdom, Karim Karoui, group head of subsidiaries, strategy and transformation at FAB, said.

The move comes as other international lenders like Goldman Sachs and Citigroup look to step up their Saudi presence, as the world’s top oil exporter undertakes a series of reforms to overhaul its economy.

FAB, which was formed last year after the merger between National Bank of Abu Dhabi and First Gulf Bank, recently got the green signal from the Kingdom’s Capital Market Authority (CMA) to conduct arranging and advising activities in the securities sector.