April 21, 2019 / 11:13 AM / a month 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)

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