Established in 1975 in the Kingdom of Bahrain, Gulf International Bank began operating the following year. Starting out during the first great oil boom, it is headquartered in Manama and licensed by the Central Bank of Bahrain.
Gulf International Bank is owned by governments of Gulf Cooperation Council countries. The primary shareholder is Saudi Arabia’s Public Investment Fund.
During the 2008 recession, Gulf International Bank struggled and received $1billion in capital from the Saudi Arabian government to prevent collapse.
The first Gulf International Bank office outside of Bahrain was established in London in 1978, followed by a New York office in 1980. This marked the first time an Arab bank had opened an office in the United States. The bank now has additional offices in Abu Dhabi, Riyadh, Jeddah and Dhahran plus a representative office in Dubai. The primary subsidiaries are Gulf International Bank UK, based in London, and GIB Capital, based in Riyadh.
Gulf International Bank Products and Services
The UK office is an official subsidiary of Gulf International Bank and works solely in asset management, with more than $15billion currently under its care.
Products and services fall under five primary categories:
Trade finance – to deliver stable returns with low risk. Primarily in emerging markets.
Equity – tailored solutions without unnecessary expense to the client
Fixed income – investment-grade and high-yield securities portfolios
Emerging markets – with rigorous risk analysis and aimed at providing consistent returns
Structured credit – to maximise cash proceeds from client credit portfolios
The New York office of Gulf International Bank is also primarily concerned with asset management. Worldwide, the bank also has retail, corporate and investment banking divisions but these are focused in the Gulf Cooperation Council area.
Gulf International Bank Security
Gulf International Bank UK is authorised by the Prudential Regulation Authority (PRA) and regulated by the Financial Conduct Authority (FCA) and Prudential Regulation Authority.