The Kingdom of Saudi Arabia has 24 licensed banks out of which 12 banks are local and rest are the branches of the foreign banks. All of the banks in the Saudi Arabia are handled by the Saudi Arabian Monetary Authority. The Saudi Arabian Monetary is also refered to as the Central Bank of the kingdom which was established in the 1952. This authority was also responsible for the country’s national currency (i.e., Saudi Riyal) and for the managing of the growth and the management of the financial conditions for the nation.
The National Commercial Bank (NCB) is the largest bank of the Kingdom of Saudi Arabia. NCB is also known as the Al-Ahli Bank. The Bank has more than 405+ branches in Saudi Arabia and which almost handles 13,000 employees. The NCB has it’s headquarters located in Jeddah, Saudi Arabia. The NCB was originally founded in 1953, but in late 1999 the government of Saudi Arabia acquired the majority of the shares for the bank through the Ministry of Finance’s Public Investment Fund (PIF). NCB is also the world’s largest bank Islamic bank in terms of assets and bank also aims to become fully Islamic in the coming years.
The Al Rajhi Bank is one of the largest banks in Saudi Arabia. It is previously known as Al Rajhi Banking and Investment Corporation and later named as Al Rajhi Bank. The Bank’s headquarters are located in the capital city of Riyadh having six regional offices in different regions. The bank is also named as the world’s largest Islamic bank in terms of the capital. Bank has more than 600 branches all over the kingdom. The bank has invested a very big part of its money in Saudi Arabia’s business and was also named as the largest joint-stock companies in the nation.
Riyad Bank was established in 1957 and is one of the unique banks in the Kingdom of Saudi Arabia. This is one of the banks which is having female branches in Saudi Arabia. Majority shares (51%) of the bank are owned by the government. Riyadh Bank had more than 300 branches all over the nation. The Bank has its head office located in Riyadh, Saudi Arabia.
The Saudi British Bank is a joint venture of the British banking firm HSBC bank where HSBC bank holds a minority share in the Saudi British Bank. The Saudi British Bank has more than 80 branches all over the kingdom and one branch in London, England. Saudi Arabia British Bank is the biggest financial institution in Saudi Arabia.