Top 10 Banks in Saudi Arabia
Mesan Ali
Whether you’re starting a business in Saudi Arabia, getting your first job, or looking to secure your savings, opening a bank account can be immensely beneficial. The banking sector in Saudi Arabia is vast, with numerous local and international banks firmly established in the industry. Each bank leads the market in various categories, providing a plethora of services to meet diverse customer needs.
However, choosing the right bank can be a daunting task. With numerous options available, it’s essential to have a comprehensive understanding of the top banks in the country. To simplify your search, we’ve compiled a list of the top 10 banks in Saudi Arabia, highlighting their standout features and services.
Overview of Banking in Saudi Arabia
The banking sector in Saudi Arabia is characterized by a mix of public and private institutions, including both conventional and Islamic banks. The financial landscape plays a crucial role in the nation’s economic development, offering services ranging from personal accounts and loans to corporate financing.
Saudi Arabia's banking system is also increasingly digital, with many banks investing in technology to improve customer experience and service delivery. To open a bank account in Saudi Arabia, you typically need the following documents:
A valid identification document (Saudi national ID or Iqama)
A passport-sized photograph
Proof of address (utility bill or rental agreement)
Employment verification or a salary certificate
While some banks allow you to open an account without a maintenance fee, others may charge monthly or annual fees. Additionally, customers should be aware that using ATMs outside the bank’s network may incur transaction fees.
Top 10 Banks in Saudi Arabia
The following are the leading financial institutions in Saudi Arabia:
Saudi National Bank (SNB)
Founded in 1953, the Saudi National Bank (SNB) was formed through the merger of the National Commercial Bank and Samba Financial Group in 2021. With total assets amounting to approximately US$299.775 billion as of September 30, 2024, SNB is the largest bank in Saudi Arabia. It employs over 20,000 people and offers a comprehensive range of services, including personal and business banking, investment, and insurance. SNB is well-regarded for its customer service and innovative banking solutions, making it a preferred choice for both individuals and businesses.
Al Rajhi Bank
Established in 1957, Al Rajhi Bank is one of the largest Islamic banks globally, with total assets of about US$240.589 billion as of September 30, 2024. The bank has a workforce of around 14,000 employees and operates over 500 branches and 4,400 ATMs across Saudi Arabia. Al Rajhi Bank provides personal and business banking services, investment options, and a range of Sharia-compliant products. Its extensive network and commitment to Islamic finance make it a popular choice among customers seeking ethical banking solutions.
Riyad Bank
Founded in 1957, Riyad Bank is the oldest publicly held bank in Saudi Arabia and boasts total assets of US$115.518 billion as of September 30, 2024. The bank serves over 7,800 employees and provides a wide array of services, including personal and corporate banking, investment, and treasury services. With approximately 330 branches and 1,900 ATMs, Riyad Bank is known for its customer-centric approach and innovative digital banking solutions, making banking convenient for its customers.
Saudi British Bank (SABB)
Founded in 1978, the Saudi British Bank (SABB) was formed through the merger of Alawwal Bank and is recognized for its strong international ties. With total assets of approximately US$105.383 billion as of September 30, 2024, SABB employs around 3,200 staff members. The bank offers a comprehensive suite of personal and business banking services, investment products, and Sharia-approved offerings. Its market capitalization stands at US$23 billion as of December 2024, reflecting its solid financial position.
Banque Saudi Fransi
Founded in 1977, Banque Saudi Fransi is headquartered in Riyadh and has total assets of US$76.681 billion as of September 30, 2024. The bank employs around 3,000 individuals and provides retail, investment, and corporate banking services. Known for its customer service and dedication to corporate social responsibility, Banque Saudi Fransi plays a vital role in the financial sector and supports various community initiatives in Saudi Arabia.
Arab National Bank
Established in 1979, Arab National Bank has total assets of US$64.231 billion as of September 30, 2024. Headquartered in Riyadh, the bank employs approximately 4,400 staff and primarily focuses on retail and corporate banking. Arab National Bank is known for its personalized banking experience and commitment to customer satisfaction, making it a reliable choice for individuals and businesses alike in Saudi Arabia.
Alinma Bank
Founded in 2009, Alinma Bank is a fully Sharia-compliant bank with total assets of US$71.167 billion as of September 30, 2024. Although relatively new to the banking scene, Alinma has quickly grown to become a prominent player in the market. It offers a variety of retail banking services, including current and savings accounts, business and personal loans, time deposits, and mortgages. Alinma Bank operates around 80 branches across Saudi Arabia, focusing on providing innovative banking services to its customers.
Alawwal Bank
Originally established in 1953, Alawwal Bank merged with Saudi British Bank in 2019 to form Saudi Awwal Bank. Although its assets are not specified, Alawwal Bank has a strong reputation in personal and business banking, investment, and Shariah-compliant products. It is known for its commitment to customer service and innovative solutions, making it a trusted institution in the Saudi banking sector.
Saudi Investment Bank (SAIB)
Founded in 1981, Saudi Investment Bank focuses on investment banking, corporate finance, and asset management. With total assets of approximately US$40.317 billion as of September 30, 2024, SAIB is recognized for its expertise in corporate financing and investment services. The bank caters to the needs of businesses and high-net-worth individuals, helping them achieve their financial goals.
Samba Financial Group
Founded in 1980, Samba Financial Group was created through the merger of United Saudi Bank in 1999. While its total assets are not specified, the bank employs around 3,500 staff members and provides a wide range of services, including personal and business banking, investment, insurance, and treasury services. Samba is known for its commitment to innovation and customer satisfaction, making it a prominent player in the Saudi banking landscape.
Financial Sector Trends
The Saudi financial sector continues to grow, with the top banks reporting a 3.2 percent quarter-on-quarter increase in loans and advances in Q2 2024, driven by a 7.2 percent rise in corporate and wholesale banking. Deposits also grew by 2.3 percent QoQ, led by a 4.1 percent increase in time deposits. Operating income rose by 1.9 percent QoQ, primarily due to a 2.5 percent growth in net interest income, indicating a healthy and expanding financial ecosystem.
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Conclusion
The top 10 banks in Saudi Arabia are integral to the country's financial landscape, significantly contributing to its economic growth. These banks offer a diverse range of services, from personal and business banking to investment and insurance, positioning themselves well for future expansion. As the sector continues to evolve with technology and customer needs, these institutions remain at the forefront, providing valuable financial services to individuals and businesses alike. By evaluating these banks, customers can make informed decisions that best fit their financial needs.