Bahrain bank plans to expand footprint in Saudi Arabia

The National Bank of Bahrain is seeking to expand footprint in Saudi Arabia and other Gulf countries in order to target mid-size clients, Abu Dhabi's The National newspaper reported, citing CEO Jean-Christophe Durand.

“There is room in Riyadh for a Bahrain bank to capitalise on this,” he said.

The expansion plans are based on the Kingdom’s extensive reforms aimed at diversifying reliance on oil revenue, including opening up local banking sector.

The bank has one branch in Saudi Arabia now.

Durand said the bank was preparing for the introduction of value-added tax (VAT) in Bahrain, following the imposition of the tax elsewhere in the GCC.