March 20, 2018 / 2:27 PM / 5 months ago

UAE's First Abu Dhabi Bank gains Saudi commercial licence

DUBAI, March 20 (Reuters) - First Abu Dhabi Bank (FAB), the largest bank in the United Arab Emirates by assets, has been granted a commercial banking licence in Saudi Arabia, it said on Tuesday.

The licence from the kingdom’s central bank, which allows FAB to operate up to three branches, follows last month’s granting of a licence to conduct arranging and advising activities in the securities business.

FAB is the latest foreign bank attracted by openings in Saudi Arabia, which is pushing ahead with an investment drive to move its economy beyond oil revenues.

Reporting By Tom Arnold Editing by David Goodman

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