Gulf International Bank announced that Fitch Ratings has upgraded its long-term issuer default ratings to ‘A-’/stable from ‘BBB+’/positive for Gulf International Bank BSC, Gulf International Bank — Saudi Arabia and Gulf International Bank (UK) Ltd.
These rating actions follow an upgrade from Fitch on Saudi Arabia’s sovereign rating to ‘A+’ with outlook stable, on April 5.
Abdulla Al-Zamil, GIB’s chairman, said: “We’re pleased to announce these positive rating actions for GIB, which reflect the strength and confidence in the Kingdom of Saudi Arabia’s vision, leaders and economy.”
Abdulaziz Al-Helaissi, GIB group CEO, added: “The new rating will have a positive impact on our bank’s ability to access capital markets and attract investors, which will further support our growth and expansion plans. We believe this upgrade is a testament to our commitment to sound financial management, corporate governance, and shareholders’ backing.”
GIB was also recently recognized at the EMEA Finance Awards, winning five awards: Best Loan House — Bahrain, Best Loan House — Oman, and Best Foreign Investment Bank — Oman. GIB Capital was awarded as Best Local Investment Bank — Bahrain and Best Debt House — Bahrain.
GIB is owned by the governments of the GCC countries, with Saudi Arabia’s Public Investment Fund being the principal shareholder.
Gulf International Bank B.S.C. is a pan-GCC universal bank established in 1975 and regulated by the Central Bank of Bahrain. The bank’s services are delivered across the GCC and international markets through its subsidiaries: GIB Saudi Arabia and GIB (UK) Ltd. Additionally, the bank has branches in the UAE, London and the US.
