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.