Two of the most important sectors in any economy are banking and finance.. The banking system is the backbone of any nation. It provides financial services to individuals companies and organizations. Saudi Arabia is home to some of the most prestigious banks in the world with a strong presence in the Middle East. We’ll be taking a closer look at the top banks in Saudi Arabia to see how they contribute to the country’s economy 🌎 ️ 🇸🇦 🏦 2️⃣ 🔝 !
Saudi Arabia is the largest economy in the Middle East and one of the world’s biggest. As of 2021 its GDP stands at $723 billion USD following years of rapid growth over the past decade. The banking sector of Saudi Arabia plays an integral role in this expansion by offering a range of financial services to both individuals and businesses alike ️ 🇸🇦 🏦.
Saudi British Bank (SABB) Al Rajhi Bank and National Commercial Bank are the Saudi banks that dominate the Saudi banking sector 🇸🇦 🏦. Saudi Investment Bank is (SIB) Saudi Hollandi Bank(SHB) and Saudi Investment Bank are the other four major banks 🇸🇦 🏦 4️⃣. These five banks account for almost 75% of Saudi Arabia’s total banking market share 🇸🇦 5️⃣ 🏦. The remaining 25% is split between smaller banks and foreign bank.
SABB is the largest bank in Saudi Arabia and is majority-owned by the British-Dutch banking conglomerate HSBC. It has a network of over 500 branches throughout the country and offers a wide range of services including personal banking, corporate banking, and investment banking ️ 🏦. SABB is also the only international bank in the country that is listed on the London Stock Exchange.
Al Rajhi Bank is the second-largest bank in the country and is the largest Islamic bank in the world. Al Rajhi Bank provides a wide range of services including personal banking corporate banking investment banking, and Islamic banking. The bank is also the largest provider of Shariah-compliant banking services in the country and is one of the few banks that offer Islamic banking services in the region.
The National Commercial Bank (NCB) is the third-largest bank in the country and is owned by the Saudi government 🇸🇦 🏦. NCB has a network of over 700 branches and is the only bank in the country that offers both conventional and Islamic banking services. NCB also offers a wide range of services including personal banking corporate banking and investment banking.
The Saudi Investment Bank (SIB) is the fourth-largest bank in the country and is owned by a consortium of investors from the United Arab Emirates Kuwait and Qatar ️ 🇰🇼 🇸🇦 🏦 🇶🇦. SIB provides a wide range of services including personal banking corporate banking investment banking and Islamic banking 🏦 ️. It is also the only bank in the country that offers online banking services 🏦.
Finally Saudi Hollandi Bank (SHB) is the fifth-largest bank in the country and is owned by the Dutch banking group ING 🇸🇦 🏦. SHB has a network of over 100 branches and offers a wide range of services including personal banking corporate banking investment banking and Islamic banking. The bank also has a presence in several countries in the Middle East region 🏦 ️.
In conclusion the banking sector in Saudi Arabia plays a major role in the country’s economy. The five major banks in the country make up almost 75% of the total banking market share in the country and provide a wide range of services to both individuals and businesses. The other 25% is divided among smaller banks and foreign banks. . .
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