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Monday, March 4, 2024

ADCB Expands Its Regional Footprint-1

Abu Dhabi Commercial Bank (ADCB) is strategically venturing into Saudi Arabia, leveraging its robust balance sheet and advanced corporate banking capabilities to support a growing client base and enhance regional economic ties.

In-Principle Approval for Riyadh Branch

Having secured in-principle approval from the Kingdom’s Council of Ministers, ADCB is set to open a branch in Riyadh, pending final regulatory approvals. The bank, equipped with a Foreign Banking Branch license from the Saudi Central Bank (SAMA), aims to provide a comprehensive range of services for corporate and institutional clients, including financing and working capital solutions.

ADCB’s Vision for Growth

Ala’a Eraiqat, Group Chief Executive Officer of ADCB, expressed pride in reaching this milestone, acknowledging the support received from Saudi authorities. The decision to establish a presence in the Kingdom aligns with ADCB’s accelerated business expansion. Positioned as a significant financial institution in the region, ADCB aims to play a pivotal role in supporting clients within Saudi Arabia’s dynamic economy and facilitating trade and investment flows.

Strategic Importance of the Riyadh Branch

Ludovic Nobili, Group Head of Corporate and Investment Banking at ADCB, emphasized the bank’s robust growth trajectory and strategic focus on supporting clients across regional markets. The new branch in Saudi Arabia is viewed as a crucial addition to ADCB’s client offerings, with plans to strengthen relationships with clients, financial institutions, and key stakeholders in the Saudi market in the coming years.

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