Gulf International Bank launches trial phase of retail banking services in the Saudi market

Gulf International Bank B.S.C. (GIB) has announced the launch of its trial phase for retail banking services to customers in the Kingdom of Saudi Arabia (KSA) under the brand name, ‘meem م’. The Bank will provide services to the retail banking sector using a bold and  innovative approach focused on technology and will provide a suite of non-traditional products that are considered a new addition to the Saudi banking sector which is set to propel the Bank into a new era. 

In developing its retail services for specific customers, GIB adopted the co-creation concept with a large target customer base using various social media channels over the last three years to contribute to the shaping of ‘meem’s م’ identity, as well as defining the Bank’s product offering throughout the establishment phase. This co-creation experience is considered the first of its kind in the banking sector globally. 

‘meem م’ is a registered trademark and an independent brand, offering a suite of innovative Shariah compliant non-traditional banking services that are approved by the Saudi Arabian Monetary Agency (SAMA) and target a technophile customer base. 

Initially, ‘meem  م’ network comprises service centres in the three main cities of KSA, Riyadh, Jeddah and Dhahran and is managed by GIB’s KSA Head Office in Dhahran, Saudi Arabia. 

‘meem  م’ has incorporated the latest and most advanced technologies in all of its services, products and retail banking operations in order to offer benefits such as ease, convenience and transparency to customers, enabling them to carry out all of their banking needs themselves whether via the various service centres or using online banking,  mobile and tablet  applications. 

Dr. Yahya Alyahya, GIB CEO, expressed his delight in launching GIB’s new retail banking services in the Saudi Arabian market, stating that the launch of ‘meem م’ comes in response to the needs of a wide array of customers who want a new breed of banking services. He went on to say: “By launching ‘meem م’ we are enabling customers to benefit from a range of banking services that are both simple and flexible by availing effective solutions which create a smooth and holistic banking experience.”  

Dr. Alyahya anticipated that ‘meem م’ will gain acceptance of customers looking for speed and ease in managing their banking requirements. Customers will not have to visit the various specialised service centres except once during registration to finalise opening their bank accounts. From then on, all services will be carried out electronically using a unique and different approach. 

Dr. Alyahya concluded by commenting that the launch of ‘meem  م’ by GIB comes as a direct result of the booming and prospering Saudi economy, where the per capita income is on the rise in general, together with the stability of the banking system which has enabled it to achieve good returns on investment over the past few years. 

Gulf International Bank (GIB) is a leading bank in the Middle East with its principal focus on the Gulf Cooperation Council (GCC) states offering a range of financial products and services that meet the needs of its customers. These services include investment banking services, asset management, financial market products, initial public and private offerings, Sukuk and bonds issuance and Shariah compliant financial services. 

The Bank is owned by the six GCC governments, with the Public Investment Fund of Saudi Arabia holding a majority stake (97.2 per cent). In addition to its main subsidiaries Gulf International Bank (UK) Ltd. and GIB Capital, the Bank has branches in London, New York, Riyadh and Jeddah, in addition to representative offices in Beirut and Abu Dhabi.