April 21, 2019 / 11:13 AM / 3 months ago

Bahrain's Gulf International Bank says completes conversion of Saudi branches into local bank

DUBAI, April 21 (Reuters) - Bahrain’s Gulf International Bank (GIB) has completed the conversion of its branches in Saudi Arabia into a locally incorporated bank, it said in a statement on Sunday.

The new bank, known as GIB Saudi Arabia, is jointly owned by Saudi Arabia’s Public Investment Fund (PIF) and GIB, and has 7.5 billion riyals ($2.00 billion)in capital and offers banking and financial services for the kingdom.

In November, GIB raised a $500 million three-year financing facility, and in October it decided not to proceed with a planned U.S. dollar bond issue because of market conditions. ($1 = 3.7499 riyals) (Reporting by Nafisa Eltahir, editing by Hadeel Al Sayegh)

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below