ABU DHABI, Feb 25 (Reuters) - First Abu Dhabi Bank , the largest bank in the United Arab Emirates, expects to enter Saudi Arabia's banking market in 2018, a senior executive said on Sunday.
The bank has applied for a commercial banking licence in the kingdom, Karim Karoui, the bank's group head of subsidiaries, strategy and transformation, told reporters.
FAB, created by last year's merger between National Bank of Abu Dhabi and First Gulf Bank, recently was given the go-ahead by Saudi Arabia's regulator to conduct arranging and advising activities in the securities sector. The move comes as other international banks have also increased their presence in the kingdom in recent months including Goldman Sachs and Citigroup .
James Burdett, FAB's group chief financial officer said, the bank's plan to issue sukuk or Islamic bonds will depend on market conditions.
(Reporting by Stanley Carvalho; Writing by Saeed Azhar; Editing by Tom Arnold)
Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.