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Bloomberg
Bahrain-based Gulf International Bank converted its Saudi operation into a locally incorporated bank with 7.5 billion riyals ($2 billion) capi-
tal, as the lender looks to boost its presence in the kingdom.
The bank’s Saudi arm will be owned equally by GIB, as the Bahraini lender is known, and Saudi Arabia’s Public Investment Fund, according to a statement. Abdulla bin Mohammed Al Zamil is chairman of GIB Saudi Arabia, while GIB CEO Abdulaziz bin Abdulrahman Al-Helaissi will be executive director and CEO of the Saudi business.