Bahrain’s GIB says completes conversion of its Saudi branches into a local bank

Bahrain's Gulf International Bank (GIB) has completed the conversion of its branches in Saudi Arabia into a locally incorporated bank, it said in a statement on Sunday.

The new bank, known as GIB Saudi Arabia, is jointly owned by Saudi Arabia's Public Investment Fund (PIF) and GIB, and has 7.5 billion riyals ($2.00 billion) in capital, and offers banking and financial services for the kingdom.

In November, GIB raised a $500 million three-year financing facility.