Latest news with #GulfInternationalBank
Zawya
6 days ago
- Business
- Zawya
11 new financial institutions licensed in Oman last year
MUSCAT - A total of 11 new financial institutions were licensed by the Central Bank of Oman (CBO) to operate in the Sultanate of Oman in 2024 – a significant uptick that underscores the rapid growth and evolution of the country's banking and financial sector, the apex bank said. As many as 1,020 applications were received during the course of the year, seeking licenses and approvals for new financial institutions, establishments and branches, new products and services, and other licensing-related matters. The 81 per cent jump in requests can be attributed to the growth of financial institutions established, as well as the expansion of existing institutions, the Central Bank noted in a report on licensing statistics for 2024. 'This positive trend reflects the strengthening of Oman's financial sector, driven by favorable economic conditions, regulatory enhancements, and an overall increase in investor confidence. Additionally, the introduction of new financial products and services has further fueled the demand for licenses/approvals, contributing to the overall rise in requests/applications,' the Central Bank stated. Of the 11 financial institutions that received licenses were three foreign banks looking to establish branches in Oman. They are Gulf International Bank, HSBC Middle East, and Mashreq Bank. Additionally, one local investment bank was also established. 'Oman Investment Bank holds a prominent position as the first investment bank to be established in the country, offering a wide range of services such as corporate banking, asset management, and financial advisory. This establishment helps further diversify the banking sector, contributing to Oman's economic growth and financial stability,' the Central Bank noted. It add that two other applications are on hold, pending the completion of regulatory and procedural steps by the applicants. Of the remaining 7 successful applications, one – First Exchange LCC – received a license to operate as a Money Exchange Entity (MEE). Six others – Amwal Al Raqamia, Ooredoo Fintech, ONEIC Pay, Global Pay, OIFC (Khidmah) and FriendiPay – received licenses to operate as Payment Service Providers. In addition, Ahli Bank was given approval to open an overseas branch in the United Kingdom, while Bank Nizwa received the green light to open an overseas branch in Dubai International Financial Center. Hundreds of official requests were also received from commercial banks, as well as Money Exchange Entities, Finance & Leasing Companies, and Payment Service Providers, according to the report. 'The increase in requests across all categories — especially from banks and MEEs — reflects the growing demand for licensing and regulatory support as the financial sector in Oman continues to evolve. Compared to 2023, this upward trend can be attributed to several factors, including the expansion of financial services, the introduction of new regulatory frameworks, and the increasing complexity of the sector. This distribution highlights the varied needs of our stakeholders and underscores the CBO's ongoing efforts to manage and address the increasing volume and complexity of requests efficiently,' the Central Bank stated in its report. Affirming its commitment to transparency in application processing and approvals, the apex bank also announced the launch of a system to automate the branch licensing process for all financial institutions, including the issuance of certificates. 'The system is designed to replace the current manual process. It is currently in its final stages (testing phase) and is projected to go live by 2025,' it added. 2022 © All right reserved for Oman Establishment for Press, Publication and Advertising (OEPPA) Provided by SyndiGate Media Inc. (
Saudi Gazette
22-05-2025
- Business
- Saudi Gazette
GIB Capital closes deals in Q1 2025 with a total value exceeding several billion dollars
GIB Capital, the investment arm of Gulf International Bank, continues to strengthen its position in the investment services sector by achieving a number of accomplishments during the first quarter of 2025. Among these achievements, the company acted as financial advisor, institutional bookrunner, and joint underwriter for the IPO of Umm Al-Qura, with a total offering size of SR2 billion, which was oversubscribed 241 times. The company also served as joint lead manager and joint bookrunner in the $1.25 billion sukuk issuance for the Saudi Arabian Mining Company (Ma'aden), which was 8 times oversubscribed, receiving strong demand from international investors. As part of its expansion into global debt markets, GIB Capital managed a $1.75 billion sukuk issuance for the Islamic Development Bank (IsDB) as joint lead manager and joint bookrunner, with participation from a wide range of global investors. GIB Capital also acted as joint lead manager and joint bookrunner for a $1 billion sukuk issuance by the Bahrain Petroleum Company (Bapco), which attracted over $4 billion in orders. In another notable transaction, the company served as joint lead manager in the $2 billion sukuk issuance by the Saudi Real Estate Refinance Company (SRC), which was oversubscribed more than six times, with active participation from international transactions reflect GIB Capital's ability to efficiently execute complex financial operations and reaffirm its role as a key partner in the development of capital markets and in enhancing their appeal to both local and global investors.
Zawya
18-05-2025
- Business
- Zawya
Gulf International Bank B.S.C closes debut $500mln Islamic syndicated financing facility
Strong uptake of the facility highlights GIB's sound credit profile while further strengthening the Bank's financial position and diversifying its funding sources. Manama – Gulf International Bank B.S.C. (GIB) today announced that it has successfully closed its debut US$500 million syndicated Murabaha financing facility, marking the Bank's first Islamic syndicated transaction in the international market. The three-year Shariah-compliant facility was well oversubscribed, driven by strong demand from a broad mix of leading regional and international banks. The successful completion of the facility underscores GIB's sound financial position in the market. The strong interest garnered by the facility has enabled GIB to further diversify its funding base and facilitate the Bank's continued business growth across its core markets and key business lines. Sara Abdulhadi, Chief Executive Officer of GIB B.S.C., said, 'We are proud to have successfully closed GIB's inaugural syndicated Murabaha facility, marking a key milestone in the ongoing diversification of our funding strategy. The strong response and oversubscription from such a diverse group of regional and international banks reflects tremendous market confidence in GIB's position as a leading pan-GCC universal bank.' SMBC Group acted as the Initial Mandated Lead Arranger, Bookrunner and Coordinator for the facility. Emirates NBD Capital Limited and First Abu Dhabi Bank PJSC were the Mandated Lead Arrangers and Bookrunners. About Gulf International Bank (GIB) 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, Oman, London and USA. GIB is owned by the governments of the Gulf Cooperation Council countries, with Saudi Arabia's Public Investment Fund being the principal shareholder. For more information, kindly contact: FinMark Communications
Zawya
14-05-2025
- Business
- Zawya
Gulf International Bank reports 2025 first quarter results
Amid a challenging market environment marked by heightened volatility and declining trading income due to trade tariffs, Gulf International Bank achieved net profit attributable to shareholders of $48.0 million for the first quarter of 2025. This reflects a 1% increase from $47.5 million in the same period last year. The growth was fuelled by strong revenue from foreign exchange and other income, along with stable net interest income. Additionally, the bank maintained operational efficiency with a controlled 6% rise in operating expenses, driven by targeted investments in strategic initiatives aimed at fostering future revenue growth and enhancing the Bank's competitive edge. The consolidated net profit of GIB Group reached $60.0 million during the first quarter compared to a net profit of $58.3 million in the preceding period, a healthy growth of 3% Basic and diluted earnings per share attributable to the shareholders of the Bank is 2.40 cents compared to 2.38 cents per share in the prior year. Total comprehensive income attributable to the shareholders of the parent of $49.4 million compared to $45.2 million in the prior year, up by 9%. Total shareholders' equity excluding minority interest increased to $2.52 billion compared to $2.48 billion in December 2024 representing an increase of 2%. Reserves of $224.3 million and retained earnings of $300.6 million represent 11% and 15% of capital, respectively. The consolidated balance sheet as of March 31, 2025, stood at $46.9 billion, reflecting a 9% year-on-year increase from $42.9 billion on December 31, 2024. This growth was driven by a 15% rise in customer deposits, significantly influenced by temporary client deposits linked to the Group's cash management and payment services in the UK. These deposits are invested in short-term placements with central banks and other banks, leading to a rise in cash and other liquid assets and placements reaching $20.2 billion, which accounts for 43% of total assets compared to 40% at the end of 2024. Investment securities totalled $8.1billion, primarily consisting of highly rated and liquid debt securities issued by major financial institutions and regional government-related entities. Loans and advances reached $15.7 billion, up 2% from the end of 2024, in line with the Bank's strategy to originate, underwrite, and distribute. The bank's funding profile remained strong with customer deposits of $32.5 billion comprising the majority of the Bank's funding base. The liquidity coverage ratio of 127.4%, net stable funding ratio of 139.2%, and Basel III total capital adequacy ratio of 15.4% all exceed the regulatory requirements. The financial statements for the first quarter of 2025 were reviewed by the external auditors KPMG Fakhro and comply with International Accounting Standard (IAS) 34 – Interim Financial Reporting. 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, GIB Capital, GIB (UK) Ltd. Additionally, the bank has branches in London (UK), New York (USA), Abu Dhabi (UAE) and Muscat (Oman), in addition to a representative office in Dubai (UAE). GIB is owned by the governments of the Gulf Cooperation Council countries, with Saudi Arabia's Public Investment Fund being the primary shareholder.
Al Bawaba
14-05-2025
- Business
- Al Bawaba
Gulf international bank reports 2025 first quarter results
14 May 2025 GULF INTERNATIONAL BANK REPORTS 2025 FIRST QUARTER RESULTS Amid a challenging market environment marked by heightened volatility and declining trading income due to trade tariffs, Gulf International Bank achieved net profit attributable to shareholders of $48.0 million for the first quarter of 2025. This reflects a 1% increase from $47.5 million in the same period last year. The growth was fuelled by strong revenue from foreign exchange and other income, along with stable net interest income. Additionally, the bank maintained operational efficiency with a controlled 6% rise in operating expenses, driven by targeted investments in strategic initiatives aimed at fostering future revenue growth and enhancing the Bank's competitive edge. The consolidated net profit of GIB Group reached $60.0 million during the first quarter compared to a net profit of $58.3 million in the preceding period, a healthy growth of 3%Basic and diluted earnings per share attributable to the shareholders of the Bank is 2.40 cents compared to 2.38 cents per share in the prior year. Total comprehensive income attributable to the shareholders of the parent of $49.4 million compared to $45.2 million in the prior year, up by 9%. Total shareholders' equity excluding minority interest increased to $2.52 billion compared to $2.48 billion in December 2024 representing an increase of 2%. Reserves of $224.3 million and retained earnings of $300.6 million represent 11% and 15% of capital, respectively. The consolidated balance sheet as of March 31, 2025, stood at $46.9 billion, reflecting a 9% year-on-year increase from $42.9 billion on December 31, 2024. This growth was driven by a 15% rise in customer deposits, significantly influenced by temporary client deposits linked to the Group's cash management and payment services in the UK. These deposits are invested in short-term placements with central banks and other banks, leading to a rise in cash and other liquid assets and placements reaching $20.2 billion, which accounts for 43% of total assets compared to 40% at the end of 2024. Investment securities totalled $8.1billion, primarily consisting of highly rated and liquid debt securities issued by major financial institutions and regional government-related entities. Loans and advances reached $15.7 billion, up 2% from the end of 2024, in line with the Bank's strategy to originate, underwrite, and bank's funding profile remained strong with customer deposits of $32.5 billion comprising the majority of the Bank's funding base. The liquidity coverage ratio of 127.4%, net stable funding ratio of 139.2%, and Basel III total capital adequacy ratio of 15.4% all exceed the regulatory financial statements for the first quarter of 2025 were reviewed by the external auditors KPMG Fakhro and comply with International Accounting Standard (IAS) 34 – Interim Financial Reporting. 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, GIB Capital, GIB (UK) Ltd. Additionally, the bank has branches in London (UK), New York (USA), Abu Dhabi (UAE) and Muscat (Oman), in addition to a representative office in Dubai (UAE). GIB is owned by the governments of the Gulf Cooperation Council countries, with Saudi Arabia's Public Investment Fund being the primary shareholder.
