One of the leading banks in the Middle East region, Gulf International Bank, has been granted a conventional retail banking license by the Central Bank of Bahrain.
GIB is owned by six governments of the GCC countries, with Saudi Arabia’s investment being the top shareholder of 97.2%. It also has branches in the US and the UK. According to a statement from the bank, license will help boost the bank’s presence in Bahrain and enable it to further expand in the future.
Khalid Al Rumaihi, Chief Executive of the Bahrain Economic Development Board said: “We are delighted that GIB has been granted a retail banking license for Meem in Bahrain. The FinTech industry has the potential to greatly influence how consumers and companies engage, and can positively disrupt economies in a way that allows for even further growth. However, in order to truly realise the potential, Bahrain has to have the right ecosystem in place. The launch of the service Meem by GIB demonstrates the kingdom’s willingness to embrace this disruption and we look forward to seeing more banks grow their FinTech activities.”
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