The UAE’s First Abu Dhabi Bank (FAB) has secured a license from Saudi Arabia’s Capital Market Authority (CMA) to establish an investment banking subsidiary in the kingdom.

Known as FAB Investment KSA, the wholly-owned subsidiary will provide arranging and advisory services in Saudi Arabia to local corporate clients and institutions looking to access international markets.

“This is a landmark development for both FAB Group and our market-leading Corporate and Investment Banking (CIB) franchise, which opens up significant opportunities for our customers to grow. This development will strengthen FAB’s ability to tap into one of the largest economies and capital markets in the MENA region,” said Abdulhamid Saeed, Group CEO, FAB.

FAB was formed by merging First Gulf Bank and National Bank of Abu Dhabi in March 2017.