NEWS ROOM

Addax Bank obtains Saudi license

Date : 14 April 2008

Addax Bank, as part of its regional expansion plans, has obtained an investment banking license from the Capital Market Authority in the Kingdom of Saudi Arabia, for its SR 200 million Saudi affiliate – Addax Capital.

“We have obtained a license to operate in Saudi Market, the largest market in the Middle East. The launch of Addax Capital in the Saudi market will enable our investors to penetrate the Saudi market and have access to vast untapped investment opportunities there, said Yousef Al Essa, CEO of Addax Bank.

 

“Saudi Arabia is the largest economy in the GCC and MENA region and one with significant potential. Therefore, we are very optimistic about the future of Addax Capital which will be supported by Addax Bank in Bahrain. We have a great group of partners in our Saudi venture that will also be an invaluable source of support” added Yousef Al Essa.

 

Addax Capital is expected to commence operations during the third quarter of 2008 from its headquarters in Riyadh, services and products to be provided include corporate finance, financial advisory, brokerage, asset management and direct investments.

Addax Bank is accredited with a series of successful private placement deals in the region and is constantly bringing interesting and innovative investment opportunities to its clients. The bank, which has won a number of international awards in the finance sector, has built its reputation on a commitment to innovation and excellence.