Bahrain-based Gulf International Bank (GIB) is to establish a securities company in Saudi Arabia.

The bank has recently obtained a licence from the Saudi Arabian Capital Market Authority.

The new company will be called GIB Financial Services and will provide various specialised services including corporate finance advisory, brokerage services and dealing in securities as principal, underwriter and agent, in addition to fund management and custodial services.
 
Dr Khaled M Al-Fayez, GIB’s chief executive officer, said the establishment of GIB Financial Services is part of the bank’s strategy to continue to expand its activities in Saudi Arabia and the other GCC states.

Dr Al-Fayez explained that Saudi Arabia is a very important market for GIB, and more growth for the bank’s business in this market is anticipated. The new company will further strengthen the bank’s relations with its clients in the country and will give them more access to its specialised products and services, especially in the corporate advisory arena.

GIB was the first non-Saudi bank to obtain a license to open branches in the Kingdom in 2000. The bank currently has two offices in the Saudi Arabia: one in Riyadh and another in Jeddah. – TradeArabia News Service