Emirates NBD is looking to expand its presence in Saudi Arabia and is planning to approach the banking regulator Saudi Arabian Monetary Authority (SAMA) next year to seek regulatory approval for 20 additional branches in the Kingdom, according to the bank’s CEO Shayne Nelson.

The bank is also on the lookout for acquisitions of banking assets in the GCC, Africa and Turkey as part of its growth agenda, its group CEO said. Emirates NBD, which has one branch in Riyadh and has received regulatory approval to open three branches in Jeddah, Khobar and Riyadh earlier this year, plans to open them in 1Q18 and only then will approach SAMA for additional licenses. Nelson added that the bank can open a couple of dozen branches within the next three to five years if it gets the licences. Emirates NBD was the first non-Saudi bank that was allowed to increase its branch network in Saudi Arabia. Nelson said that despite current softer economic conditions, the kingdom is the place to be and grow into.

Emirates NBD (DU): AED8.31 as of 14 Sep 2017, Rating: Buy, TP: AED10.10/share, MCap: USD12,585mn, EMIRATES UH/ENBD.DU