Finance Abu Dhabi Commercial Bank to open Riyadh branch By Pramod Kumar January 17, 2024, 7:05 AM Wam ADCB says it will provide services for corporate and institutional clients, including financing and working capital solutions, in its new Saudi Arabia operation Abu Dhabi Commercial Bank (ADCB) will open a branch in Riyadh after obtaining in-principle approval from Saudi Arabia’s cabinet, the UAE’s third-largest lender has announced. The bank will provide services for both corporate and institutional clients, including financing and working capital solutions as per the foreign banking branch licence issued by the Saudi Central Bank (Sama). Saudi Arabia and First Abu Dhabi tap bond markets UAE bank profits grow on greater lending and higher interest ADCB sells 80% stake in property unit for $161m “The bank’s decision to establish a presence in the kingdom aligns with the accelerated expansion of our business,” ADCB group CEO Ala’a Eraiqat said. “As a major financial institution in the region, ADCB is well positioned to support clients operating in the vibrant Saudi economy,” he said. In October 2023, ADCB reported a 22 percent rise in its third-quarter net profit to AED1.94 billion ($528 million), driven by robust loan growth and strong economic conditions in the UAE. “Looking into 2024, we remain confident in the country’s fundamentals and continued investment in its economic diversification strategy,” Eraiqat had said.
