Emirates NBD (UAE) Expands Operations in Saudi Arabia
13 Apr 2018 - The bank recently inaugurated its first branch in Jeddah and announced plans to soon open a branch in Khobar and a second branch in Riyadh.
Emirates NBD, a leading banking group in the region, has expanded operations in the Kingdom of Saudi Arabia (KSA).The bank recently inaugurated its first branch in Jeddah and announced plans to soon open a branch in Khobar and a second branch in Riyadh, making KSA Emirates NBD’s largest branch network outside the UAE and Egypt.
Leveraging the bank’s digital capabilities and strong franchise across KSA’s key trade markets, Emirates NBD KSA offers full-fledged services across retail, private, business and wholesale banking. It also offers corporate finance advisory, project and syndicated finance through Emirates NBD Capital KSA, the bank’s investment banking arm. “Our presence in KSA leverages the UAE’s strong economic, financial and commercial ties with the Kingdom,” said Hesham Abdulla Al Qassim, Vice-Chairman and Managing Director of Emirates NBD. “As Saudi rolls out its transformative Vision 2030 plan, we are delighted to deepen our relationship and continue to support Saudi individuals and businesses looking for a trusted banking partner.”
KSA represents the largest economy in the GCC and the country’s economic diversification programme is expected to boost development and increase capital and trade flows across the region. Emirates NBD is the first non-Saudi bank to have a significant branch network across the Kingdom. The UAE-based bank also operates in Egypt, India, Singapore, and the United Kingdom with representative offices in China and Indonesia.
Eng. Loai Hassan Abduljawad, Chief Executive Officer of Emirates NBD KSA, added “Our increased footprint will enable us to forge stronger on-ground relationships with individual and corporates in KSA looking to invest and trade across the MENA region and beyond. We are committed to delivering value and contributing to the long-term development of the Kingdom’s economy.”
He further added, “To cater to KSA’s digital-savvy population, the Jeddah branch has been designed in line with the bank’s philosophy of incorporating ‘high tech with high touch’, offering both self-service and assisted banking solutions, powered by digital technology. The branch will offer the full suite of Emirates NBD’s award-winning retail and corporate banking solutions and services, including financing support to SME clients, a key sector of the Saudi economy, as part of the nation-wide Kafala program.”
About Emirates NBD:
Emirates NBD is a leading banking Group in the region. As at 31st March 2017, total assets were AED 452 Billion, (equivalent to approx. USD 123 Billion). The Group has a significant retail banking franchise in the UAE and is a key participant in the global digital banking industry, with over 90 per cent of all financial transactions and requests conducted outside of its branches. The bank currently has 222 branches and 1013 ATMs and CDMs in the UAE and overseas and a large social media following, being the only bank in the Middle East ranked among the top 20 in the ‘Power 100 Social Media Rankings’, compiled by The Financial Brand. It is a major player in the UAE corporate and retail banking arena and has strong Islamic Banking, Global Markets & Treasury, Investment Banking, Private Banking, Asset Management and Brokerage operations.
The Group has operations in the UAE, Egypt, the Kingdom of Saudi Arabia, Singapore, the United Kingdom and representative offices in India, China and Indonesia. The Group is an active participant and supporter of the UAE’s main development and community initiatives, in close alignment with the UAE government’s strategies, including financial literacy and advocacy for inclusion of People with Disabilities under its #TogetherLimitless platform.