First Abu Dhabi Bank mulls expansion into Saudi Arabia

ABU DHABI / AGENCIES

First Abu Dhabi Bank is “seriously studying” expanding into Saudi Arabia, either through acquisitions or a new license, its chief executive officer told Al Khaleej newspaper.
All opportunities for local and foreign acquisitions are open to the bank, Abdulhamid Saeed, said in an interview with the Arabic daily. First Abu Dhabi Bank was created with the merger of National Bank of Abu Dhabi PJSC and First Gulf Bank PJSC, the United Arab Emirates’ two largest lenders by market value.
International and regional banks are seeking to expand in Saudi Arabia as the kingdom prepares to sell hundreds of state assets to help restructure its economy hurt by oil’s decline. Citigroup Inc. last week received an investment banking license from the country’s regulator after 13 years, while Emirates NBD PJSC, Dubai’s biggest bank, in January got approval to increase the number of branches to four from one.

NEW BRAND
First Abu Dhabi Bank on Monday its new brand identity, including a new logo and slogan inspired by the deeply-rooted stature of Abu Dhabi and the traditions of the two organisations, and reflecting UAE’s ambitious vision for the future.
The new logo features FGB’s Awwal (First) brand mark, with the slogan Grow Stronger. The new bank adopted the acronym FAB.