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First Abu Dhabi Bank gets commercial banking license in Saudi Arabia

First Abu Dhabi Bank PJSC acquired a commercial banking license from the Saudi Arabia Monetary Authority, which would allow the bank to open up to three branches in the kingdom.

The lender had already obtained a license from the country's Capital Market Authority for the establishment of an investment banking unit, FAB Investment KSA, according to a March 20 release.

First Abu Dhabi Bank is the latest foreign lender starting operations in Saudi Arabia, which is pressing on with an investment drive to diversify its economy, Reuters noted the same day.