The British-based Saudi International Bank, which merged with the Gulf International Bank (GIB) half a year ago, has changed its name to Gulf International Bank (UK) Ltd., the company announced Sunday.
The Bahrain-based Gulf International Bank, which is owned by six Gulf oil monarchies, said the name change was a move to "enhance the strength and stability of the bank, and also its market perception."
"The merger has afforded us exciting new business opportunities and the scope to undertake new initiatives," added Khaled Al-Fayez, the group's chief executive officer.
The acquisition of the Saudi International Bank amounted to a growth in $550 million in capital for the GIB, leading to to more than $1 billion.
The GIB is 72.5 percent owned by the Kuwait-based Gulf Investment Cooperation. The Saudi central bank holds another 22.2 percent and the US-based JP Morgan Overseas Capital Cooperation holds the remaining 5.3 percent.— (AFP)
© Agence France Presse 2000
© 2000 Mena Report (www.menareport.com)
