Bank granted SAMA approval to open 20 new branches in the Kingdom
Emirates NBD, a leading banking group in the region, has announced plans for further expansion in The Kingdom of Saudi Arabia (KSA), following approval from SAMA (The Saudi Arabian Monetary Authority) to open 20 additional branches in the Kingdom.
The announcement reflects KSA’s growing importance to Dubai’s biggest bank by assets as the United Arab Emirates (UAE) continues to strengthen long-standing strategic and economic ties with the Kingdom.
Emirates NBD currently operates four full-fledged branches across the Kingdom’s key regions with two branches in Riyadh, a branch in Jeddah and in the Eastern province in Khobar, providing a full offering to Saudi-based individual and businesses, including retail, private, business and wholesale banking. KSA marks the bank’s largest geographical presence outside its significant network in the UAE and Egypt.
Hesham Abdulla Al Qassim, Vice-Chairman and Managing Director of Emirates NBD stated, “The leadership of the UAE and KSA have a shared vision aimed at the development of our countries and Emirates NBD is delighted to support their vision through its continued franchise in the Kingdom. Our imminent expansion plans reflect our commitment to The Kingdom of Saudi Arabia and support for Vision 2030. We are grateful to receive SAMA’s support as we continue to invest in the Kingdom. We aim to continue to serve and support the economic ambitions of Saudi individuals and businesses through our robust and growing presence in the Kingdom.”
Emirates NBD’s full-fledged offering in KSA includes retail banking, wealth management services and trade finance, in addition to corporate finance advisory and project and syndicated finance through the bank’s investment banking arm, Emirates NBD Capital KSA. The bank’s branches incorporate Emirates NBD’s award-winning customer proposition with modern, digital-driven design, convenient self-service banking solutions and personalised advisory areas.
With operations in Egypt, India, Singapore, and the United Kingdom and representative offices in China, Indonesia and Turkey, Emirates NBD has a strong franchise in KSA’s key trade markets. The bank has played an active role in supporting Saudi’s Small and Medium Enterprise (SME) sector, via the Kingdom’s Kafalah financing program.