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GIB Saudi Arabia receives first rating from Fitch at BBB+'; Outlook Stable

Gulf International Bank Saudi Arabia (GIB Saudi Arabia) announced that it has received its first rating from the international agency, Fitch Ratings, which assigned the Bank a Long-Term Issuer Default Rating (IDR) of 'BBB+' with the Outlook at Stable, Other ratings included a Short-Term IDR at ‘F2’, Support Rating at ‘2’ and Support Rating Floor at ‘BBB+’. These are the same as the ratings of the parent bank Gulf International Bank B.S.C.

 

Gulf International Bank (GIB) has been operating in Saudi Arabia for nearly twenty years providing the market with innovative and comprehensive banking products. In 2015 GIB launched ‘meem’ the world’s first Shariah compliant digital bank and in April 2019 GIB Saudi Arabia was established as a fully-fledged local Saudi bank offering comprehensive banking and financial services across the Kingdom. 

 

The ratings reflect GIB Saudi Arabia’s strong support from its shareholders (it is owned equally by the Saudi Public Investment Fund and Gulf International Bank). According to Fitch, its assessment takes into account a long track record of support for Saudi banks, continued government willingness to maintain stability in the domestic financial system and a strong ability to support the banking system given large external reserves and good access to external markets. 

 

Commenting, chairman of GIB Saudi Arabia, Abdulla bin Mohammed Al Zamil, said: “We’re pleased to receive a strong rating from Fitch underscoring the sound position and Outlook for the Bank. Having established a fully-fledged local bank in the Kingdom, we are now focused on growing our already strong base of business throughout Saudi Arabia, where we’ve already been operating and innovating for nearly 20 years. 

 

In 2015 we launched ‘meem’ the world’s first Shariah compliant digital bank, an area we are particularly focused on growing. With the strong support of our shareholders, partners and clients across the Kingdom, we look forward to building on the vast opportunities that exist in the Saudi economy today and helping to deliver the promise and potential that is being unlocked as a result of the Kingdom’s Vision 2030. As we go forward, we are confident that our local bank status will allow us to even further accelerate growth and expand our franchise.” 

 

GIB Saudi Arabia is headquartered in the Eastern Province with branches in Riyadh and Jeddah.