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Abu Dhabi, 31 March 2024: First Abu Dhabi Bank (FAB) will expand and enhance its investment product and channel capabilities in the Kingdom of Saudi Arabia (KSA) after the country’s Capital Market Authority (CMA) regulator recently granted approval for additional activities that include: advising, arranging, custody, dealing, and managing investments and operating funds within the Kingdom.
Operating as a licensed full-service bank in the Saudi Market, FAB provides local clients with a growing suite of personal, corporate and investment, and private banking services at its branches in Riyadh, Jeddah, and Khobar, as well as online.
The approval for FAB Capital (FABC) to engage in Securities-Business activities will expand the Group’s presence and offerings in the Kingdom, providing a comprehensive range of investment services in asset management, securities, and fund operations.
Rainer Kasch MD, Head of KSA Securities Services & Acting CEO at FAB Capital said: “FAB is fully committed to developing mutually beneficial offerings in the KSA market, expanding our local operations on a strong foundation of trust, and consistently delivering on our promise to all stakeholders. We appreciate the confidence placed in us by regulators in Saudi, where FABC has been operating since 2018.”
This strategic move aligns with FAB’s broader mission to further leverage its global relationships, expertise, and financial strength to support local, regional, and international clients as the regional bank of choice, while driving new growth and development in the Kingdom’s investment market.