Manama – Gulf International Bank (GIB) announced that Fitch Ratings has upgraded its Long-Term (LT) Issuer Default Ratings (IDR) 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 a rating upgrade from Fitch on Saudi Arabia Sovereign Rating on 5th April 2023 to 'A+'; Outlook Stable.

Commenting, 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 recognised 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.

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About Gulf International Bank (GIB) 

GIB is owned by the governments of the Gulf Cooperation Council 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. GIB’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 USA. 

For further information please contact: 
Zahraa Taher
Managing Director
FinMark Communications
Email: ztaher@finmarkcoms.com