By The largest banks in Saudi Arabia constitute the country’s most significant assets, with the banking industry being a highly regulated business sector under tight scrutiny compared to other financial industries.
Although the financial industry globally is dominated by the United States and China, Saudi Arabia also possesses the competence to develop its economy through the financial sector by providing banking services.
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It’s no wonder that there are numerous bank options in Saudi Arabia available to its citizens for savings or other services, including stocks for investors. This contributes to the rapid development of Saudi Arabia’s economy supported by the financial industry over time.
List of the Largest Banks in Saudi Arabia
1. Al Rajhi Bank
Al Rajhi Bank, formerly known as Al Rajhi Banking and Investment Corporation, originates from Saudi Arabia and is the world’s largest Islamic bank by assets as of 2015.
The bank is also a major investor in Saudi businesses and is one of the largest joint-stock companies in the kingdom, with over SR 330.5 billion in AUM and more than 600 branches spread across.
Headquartered in Riyadh, this largest bank in Saudi Arabia has six regional offices. Al Rajhi Bank also has branches in Kuwait and Jordan, with subsidiaries in Syria and Malaysia.
2. Saudi National Bank
The Saudi National Bank is the largest shareholder in Credit Suisse, which has stated that it has been hit by losses of up to 80% of its investments, approximately USD 1 billion or around 15.34 trillion rupiahs.
The bank, based in Riyadh, holds a 9.9% stake in Credit Suisse after investing CHF 1.4 billion or the equivalent of USD 1.5 billion and 3.82 Swiss francs.
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Despite the losses, the bank claims it will not change its strategy, as the lender’s shares have increased by 0.58%. The investment made by the Saudi National Bank has affected the profitability from the perspective of capital rule assessment, with changes in SNB investment evaluations at Credit Suisse having no impact on SNB growth plans and 2023 guidelines.
3. National Commercial Bank
One of the largest banks in Saudi Arabia, established 60 years ago, has seen significant development due to changing client needs and economic growth in Saudi Arabia. It is the largest commercial bank in the Kingdom of Saudi Arabia in terms of capital, assets, and deposits.
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It has become the primary diversified financial services group, providing various product, financial, and service solutions to corporate and consumer clients to meet their financial needs, aiming not only for superior financial performance but also for superior service compared to other banks.
As the first Saudi bank to be licensed in the kingdom, it has been considered the largest bank in Saudi Arabia and a leading financial institution in the Saudi region. This bank began its business under the name The National Commercial Bank following a decision by the government on December 26, 1953.
4. Alinma Bank
Established in 2007, Alinma Bank is one of the largest banks in Saudi Arabia, serving corporations, retail customers, and the government. A portion of this Islamic bank is owned by the government and operates according to Sharia banking standards as determined.
Alinma Bank’s headquarters are in Riyadh, Saudi Arabia, and it has branches and ATMs throughout the country to provide services to the country’s residents.
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Alinma Bank has also envisioned a more modern future with the use of IBM Cloud Pak for Integration, and when Saudi Arabia introduced its 2030 vision in 2016, Alinma promptly joined because of its high dedication to providing products and services in accordance with Sharia guidelines.
5. Bank Aljazira
Bank Aljazira is a financial group in Saudi Arabia and a joint-stock company established in 1975 with its headquarters in Jeddah, Saudi Arabia. It was founded as a Saudi joint-stock company registered by royal decree issued on June 21, 1975.
The bank itself began operations on October 9, 1976, after acquiring the branches of the National Bank of Pakistan in the Kingdom of Saudi Arabia. In 2010, the foundation was laid to support future growth and diversify products and banking services to contribute to income diversification and avoid or minimize risks relying on one or two income sources it has.
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6. Riyad Bank
Riyad Bank, established in 1957, is the largest bank in Saudi Arabia and ranks fourth in terms of assets. The Saudi government owns 51% of the company’s shares, and the bank is directly supervised by the Saudi central bank.
In July 2013, the bank acquired Calypso for managing global cash flows, and in March 2018, it launched a touchless payment bracelet using Gemalto’s digital security solution.
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In December 2018, it began initial discussions with National Commercial Bank, the largest lender in Saudi Arabia by assets, to study plans for a merger.
