GIB converts its branches in Saudi Arabia into locally incorporated bank

Bahrain's Gulf International Bank (GIB) is in the final stages to convert its branches into a locally incorporated bank in Saudi Arabia, as part of wider expansion plans in the Gulf, the bank said in a statement Monday.

The bank got the Saudi Council of Ministers’ approval on the move in May last year.

GIB highlighted that it is allocating resources to ensure a smooth transition from a branch to a locally incorporated bank.

In April 2018, the bank expanded its services base in Bahrain and launched its first ever digital retail banking operations under meem Bahrain.

Currently, GIB has three branches in Saudi Arabia which, following all necessary regulatory approvals, would become branches of GIB KSA.