The Saudi Cabinet has approved a license for Abu Dhabi Commercial Bank to open a branch in the Kingdom.

The decision was approved during a cabinet meeting, chaired by King Salman, on Tuesday, state-run Saudi Press Agency reported.

Abu Dhabi Commercial Bank reported a 22% rise in Q3 2023 net profit at 1.94 billion ($528 million), boosted by higher net interest income.

ADCB is the third-largest bank in the UAE, with a broad domestic franchise, including market shares of about 15% of sector loans and deposits, and strong relations with the Abu Dhabi government, according to a recent note from Fitch ratings.

(Editing by Seban Scaria seban.scaria@lseg.com)