Dubai lender Emirates NBD opens second branch in Riyadh

Dubai bank Emirates NBD has opened its second branch in Saudi Arabia’s capital city, Riyadh.

The bank’s network of four full-fledged branches across three cities in the kingdom – including Riyadh, Jeddah and Khobar – marks its largest geographical presence outside the UAE and Egypt.

Emirates NBD’s new branch in Riyadh’s Al Masif District provides retail, private, business and wholesale banking to Saudi-based individual and businesses.

The branch also has self-service banking solutions and a personalised advisory area. In addition to retail banking, wealth management services and trade financing, Emirates NBD also offers corporate finance advisory, project and syndicated finance through the bank’s investment banking arm, Emirates NBD Capital KSA.

Hesham Abdulla Al Qassim, vice-chairman and managing director of Emirates NBD, said: “Building on the strong economic and trade ties between Saudi Arabia and the UAE, we hope to continue to serve and support the economic ambitions of Saudi individuals and businesses as the kingdom forges ahead in its plans for economic transformation.”

Also read: Dubai bank Emirates NBD expands in Saudi

The lender also recently renewed its partnership with the kingdom’s Kafalah programme which aims to promote financing to small and medium enterprises (SMEs) within the country.

“Emirates NBD’s investment in a robust full-fledged branch network across the kingdom’s key provinces, strengthens our offering to individuals and corporates in KSA,” said Loai Abduljawad, CEO of Emirates NBD KSA.

“Going forward, we aim to continue to enhance our offering and expand presence in KSA’s key trade markets.”

Emirates NBD currently has a presence in Egypt, India, Singapore, and the UK with representative offices in China and Indonesia.

The bank has been seeing strong growth this year and posted a 16 per cent rise in third-quarter net profit to reach Dhs2.64bn ($718.8m), as net interest income jumped and impairments for bad loans eased.

Read more: Dubai bank Emirates NBD posts 16% rise in Q3 profit