UAE's Emirates NBD to open 20 bank branches in Saudi Arabia
UAE banking group has received approval for the expansion from the Saudi Arabian Monetary Authority (Sama)
Emirates NBD plans to open 20 branches across Saudi Arabia as part of the UAE banking group’s plans to strengthen economic ties with the kingdom, with the move approved by Saudi Arabian Monetary Authority (Sama) – marking the bank’s largest geographical presence outside its network in the UAE and Egypt.
According to UAE state news agency, Wam, Emirates NBD currently operates four branches across the kingdom, with two branches in Riyadh, and a branch each in Jeddah and Al Khobar.
Commenting on the bank's expansion plans in Saudi Arabia, Emirates NBD's managing director and vice chairman, Hesham Abdulla Al Qassim, said: “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.”