When it comes to managing your financial affairs and securing your economic future, choosing the right bank is paramount. The Kingdom of Saudi Arabia boasts a thriving banking sector, home to a multitude of institutions that cater to a wide range of financial needs. Whether you are a resident seeking a trustworthy partner for your daily banking needs, an entrepreneur exploring investment opportunities, or an expatriate establishing your financial foothold in the Middle East, this article is your compass.
The banking sector of Saudi Arabia is a dynamic blend of traditional values and modern innovation, offering a comprehensive suite of services that encompass retail banking, credit cards, banking services, and much more. Governed by the monetary authority, Sama (Saudi Arabian Monetary Authority), these banks have consistently demonstrated their commitment to financial excellence.
From the colossal National Commercial Bank (NCB) to the largest Islamic bank, Al Rajhi Bank, and from the innovative Alinma Bank to the well-established Banque Saudi Fransi, we will explore the institutions that have earned their place at the forefront of the Kingdom’s banking sector. We will delve into the offerings, bank offers, and credit cards provided by these financial institutions, empowering you to make informed decisions that align with your financial aspirations.
20 Best Banks in Saudi Arabia
The banking sector in Saudi Arabia offers a diverse range of options to meet the financial needs of individuals and businesses. Among the top banks in the country, you will find a mix of local and international institutions, each with its unique strengths and services. Whether you seek conventional or Islamic banking solutions, these 20 best banks in Saudi Arabia provide comprehensive financial services, reflecting the vibrant and dynamic economy of the country.
- National Commercial Bank (NCB)
- Al Rajhi Bank
- Riyad Bank
- Saudi British Bank (SABB)
- Arab National Bank (ANB)
- Samba Financial Group
- Banque Saudi Fransi (BSF)
- Saudi Investment Bank (SAIB)
- Alinma Bank
- Bank AlJazira
- Bank Albilad
- Alawwal Bank (formerly known as Saudi Hollandi Bank)
- HSBC Saudi Arabia
- Citibank Saudi Arabia
- Gulf International Bank (GIB)
- Emirates NBD Bank
- HSBC Saudi Arabia
- Standard Chartered Bank
- Bank Muscat
- Deutsche Bank
1. National Commercial Bank (NCB)
NCB was founded in 1953. It has played a pivotal role in the economic growth of Saudi Arabia. With a legacy spanning over six decades, NCB is not only the largest bank in the country but also one of the oldest. It is a publicly traded bank, with the Saudi Arabian government holding a substantial ownership stake.
- Services: NCB offers a comprehensive suite of financial services, including retail and corporate banking, investment banking, asset management, wealth management, and treasury services.
- Network: NCB boasts an extensive network of branches and ATMs throughout Saudi Arabia and internationally, ensuring easy access for its customers.
- Online Banking: NCB provides a robust online banking platform, enabling customers to manage their accounts, make transactions, and access various financial services from the comfort of their homes or offices.
2. Al Rajhi Bank
Established in 1957, Al Rajhi Bank is not only one of the oldest banks in Saudi Arabia but also one of the world’s largest Islamic banks. It takes pride in adhering to Sharia-compliant banking principles. Al Rajhi Bank is a publicly traded institution, with the Rajhi family being one of the major shareholders.
- Services: The bank specializes in Sharia-compliant financial services, offering retail and corporate banking, investment services, real estate financing, and various other Islamic financial products.
- Network: Al Rajhi Bank has an extensive branch and ATM network not only in Saudi Arabia but also internationally, providing convenience to its diverse customer base.
- Online Banking: Al Rajhi Bank offers online banking services designed to align with Islamic finance principles, allowing customers to manage their accounts and conduct transactions conveniently and securely.
3. Riyad Bank
Founded in 1957, Riyad Bank is known for its innovative approach and commitment to customer satisfaction. Over the decades, the bank has contributed significantly to Saudi Arabia’s banking sector and Industry. Riyad Bank is publicly traded, with diverse shareholders, and is committed to transparent and ethical banking practices.
- Services: The bank offers a wide range of financial services, including retail banking, corporate banking, investment banking, asset management, and wealth management, catering to both individual and corporate clients.
- Network: Riyad Bank maintains an extensive network of branches and ATMs throughout Saudi Arabia, ensuring that customers can easily access its services.
- Online Banking: Riyad Bank provides a user-friendly online banking platform, enabling customers to manage their accounts and conduct transactions securely from anywhere, emphasizing convenience and security.
4. Saudi British Bank (SABB)
SABB has a rich history operating in partnership with HSBC, combining both local and international banking expertise. The bank has been a reliable financial institution in Saudi Arabia. It is jointly owned by HSBC and Saudi British Bank Group, with HSBC being the majority shareholder, which adds a global perspective to its operations.
- Services: The bank offers a wide array of financial services, including retail banking, corporate banking, investment banking, trade finance, and advisory services to meet various financial needs.
- Network: SABB has a substantial network of branches and ATMs across Saudi Arabia, making it easily accessible to customers across the kingdom.
- Online Banking: SABB’s online banking services provide customers with a convenient and secure way to manage their accounts and perform transactions, aligning with modern digital banking practices.
5. Arab National Bank (ANB)
Founded in 1979, ANB has quickly established itself as a reputable financial institution. Its relatively short history is marked by growth and innovation in the banking sector. ANB is publicly traded, with a diverse range of shareholders, reflecting its commitment to transparency and good governance.
- Services: ANB offers a broad spectrum of financial services, including retail banking, corporate banking, loans, savings accounts, investment services, and wealth management, making it a versatile bank for various financial requirements.
- Network: ANB has a network of branches and ATMs across Saudi Arabia, ensuring accessibility for its customers and facilitating convenient banking transactions.
- Online Banking: ANB provides online banking services for the convenience of its customers, allowing them to manage their accounts and conduct transactions online, staying aligned with modern banking practices.
6. Samba Financial Group
Samba Financial Group is a prominent Saudi bank known for its innovation and customer-centric approach. The bank’s history reflects a commitment to providing modern banking solutions. The bank is publicly traded, with a diverse range of shareholders, reflecting its commitment to accountability and transparency.
- Services: Samba Financial Group provides a wide range of financial services, including retail, corporate, and investment banking, with a strong emphasis on enhancing the customer experience.
- Network: The bank maintains an extensive branch and ATM network throughout Saudi Arabia, ensuring accessibility for its customer base.
- Online Banking: Samba offers comprehensive online banking services, facilitating secure online transactions and account management, catering to the digital preferences of modern customers.
7. Banque Saudi Fransi (BSF)
Established in 1977, Banque Saudi Fransi is a joint venture between Saudi and French shareholders, adding an international dimension to its history. Its major shareholders include the Saudi government and Crédit Agricole Group, one of France’s largest banking institutions, emphasizing a diverse ownership structure.
- Services: BSF offers a wide range of financial services, including retail and corporate banking, investment banking, asset management, and treasury services, combining the strengths of both parent entities.
- Network: Banque Saudi Fransi has a substantial presence with branches and ATMs across Saudi Arabia, catering to the needs of a diverse customer base.
- Online Banking: The bank provides online banking services, allowing convenient account management and secure online transactions, making it easy for customers to engage with their finances digitally.
8. Saudi Investment Bank (SAIB)
SAIB is a well-established bank in Saudi Arabia, with a history marked by its commitment to providing diverse financial services. SAIB is publicly traded, with a variety of shareholders, reflecting its commitment to openness and responsible banking practices.
- Services: The bank offers retail and corporate banking services, investment services, trade finance, and wealth management, making it a comprehensive bank for various financial needs.
- Network: SAIB has a presence through branches and ATMs in Saudi Arabia, providing accessibility to its services for customers across the kingdom.
- Online Banking: SAIB offers online banking services, allowing customers to conveniently manage their accounts and perform secure online transactions, in line with modern digital banking practices.
9. Alinma Bank
Alinma Bank was established in 2009, marking a relatively new entrant in the Saudi banking sector. Its short history is characterized by growth and innovation. Alinma Bank is publicly traded and committed to transparency and responsible banking practices.
- Services: The bank provides a wide range of retail and corporate banking services, including investment and financing solutions, catering to the evolving financial needs of its customers.
- Network: Alinma Bank has rapidly expanded its network of branches and ATMs, ensuring accessibility to a growing customer base.
- Online Banking: The bank offers online banking services for customer convenience, facilitating secure online account management and transactions, in alignment with contemporary digital banking trends.
10. Bank AlJazira
Founded in 1975, Bank AlJazira has grown to become a significant player in the Saudi banking sector, with a history marked by a commitment to customer satisfaction and innovation. Bank AlJazira is publicly traded, emphasizing transparency and good governance in its operations.
- Services: The bank offers a comprehensive range of financial services, including retail, corporate, and investment banking, as well as credit cards and financing solutions.
- Network: Bank AlJazira maintains an extensive network of branches and ATMs throughout Saudi Arabia, ensuring accessibility to its services.
- Online Banking: The bank provides online banking services for customer convenience, enabling secure online account management and transactions, making banking operations efficient and accessible.
11. Bank Albilad
Established in 2004, Bank Albilad is a relatively newer bank in the Saudi banking landscape. Its history is characterized by its growth and commitment to providing innovative financial services. Bank Albilad is publicly traded and committed to transparency and accountability in its operations.
- Services: The bank offers retail and corporate banking services, including loans, savings accounts, and investment solutions, providing comprehensive financial solutions.
- Network: Bank Albilad has expanded its network of branches and ATMs, ensuring that its customers have access to its services.
- Online Banking: The bank provides online banking services, allowing secure online account management and transactions, keeping pace with modern digital banking expectations.
12. Alawwal Bank (formerly known as Saudi Hollandi Bank)
Alawwal Bank has been operating since 1926, with a rich history that predates the founding of the Kingdom of Saudi Arabia. It is now part of the Saudi British Bank Group, which adds an international dimension to its legacy. Previously owned by ABN AMRO and later acquired by Saudi British Bank Group, reflecting an evolution in its ownership structure.
- Services: The bank offers retail and corporate banking services, investment banking, and wealth management, combining its long-standing legacy with contemporary financial services.
- Network: Alawwal Bank maintains a network of branches and ATMs across Saudi Arabia, ensuring accessibility to its services for a wide range of customers.
- Online Banking: The bank provides online banking services, allowing customers to manage their accounts and conduct transactions online securely, keeping in line with modern digital banking practices.
13. HSBC Saudi Arabia
As part of the global HSBC Group, HSBC Saudi Arabia combines international expertise with a local presence, reflecting its commitment to offering a global perspective in its operations. HSBC Saudi Arabia is a subsidiary of HSBC Holdings, a global banking giant, which brings a wealth of international banking experience to its operations in Saudi Arabia.
- Services: The bank offers a wide range of banking and financial services, including corporate and investment banking, trade finance, and advisory services, catering to the diverse needs of its clientele.
- Network: HSBC Saudi Arabia has branch and office locations in Saudi Arabia, allowing accessibility to its services for corporate and individual clients.
- Online Banking: The bank provides online banking services for customer convenience, facilitating secure account management and transactions, aligning with modern digital banking practices.
14. Citibank Saudi Arabia
Citibank has a strong global presence, and in Saudi Arabia, it provides a variety of financial services, reflecting its commitment to offering international banking solutions in the kingdom. Citibank Saudi Arabia is a subsidiary of Citigroup Inc., a global banking and financial services corporation, which brings global banking experience to its operations in the country.
- Services: The bank offers a wide range of banking services, including corporate and investment banking, emphasizing its ability to cater to the financial needs of international and local clients.
- Network: Citibank Saudi Arabia has branch and office locations in Saudi Arabia, offering accessibility to its services for a diverse customer base.
- Online Banking: The bank provides online banking services, allowing customers to conveniently manage their accounts and conduct secure online transactions, making it a convenient banking option for modern clients.
15. Gulf International Bank (GIB)
GIB is a prominent bank operating in multiple countries, including Saudi Arabia. Its history is marked by its regional presence in the Gulf Cooperation Council (GCC) countries, reflecting a commitment to regional economic development. GIB is owned by the governments of the six GCC countries, emphasizing a collective regional approach in its ownership structure.
- Services: The bank offers a range of financial services, including corporate and investment banking, highlighting its role in supporting regional economic growth.
- Network: GIB has branch and office locations in Saudi Arabia and other GCC countries, ensuring accessibility to its services for customers across the region.
- Online Banking: The bank provides online banking services for customer convenience, enabling secure online account management and transactions, catering to the modern banking preferences of its clients.
16. Emirates NBD Bank
Emirates NBD – KSA was established in 2004. It is the first UAE-based bank in Saudi Arabia. It offers a comprehensive range of retail, SME, corporate, and treasury services, including investment banking through Emirates NBD Capital KSA.
- Services: The bank provides extensive financing and deposit products, along with treasury-specific services. It caters to various business segments and emphasizes a strong value proposition across its banking segments.
- Network: Presently, Emirates NBD – KSA operates through eight branches in key cities like Riyadh, Jeddah, Khobar, Makkah, and Madinah. It’s undergoing a structured expansion plan. Its aim is to reach 24 branches in the coming years.
- Online Banking: Customers can benefit from digital banking platforms like Emirates NBD Online and Mobile Banking, as well as smartBUSINESS, enabling easy access to the bank’s services through traditional and innovative technological channels. Recently, the bank launched Liv, a lifestyle digital bank tailored for millennials in KSA.
17. HSBC Saudi Arabia
HSBC Saudi Arabia is a joint venture between HSBC Asia Holdings B.V. and SAB. It has introduced the first full-service independent investment bank in Saudi Arabia under the Capital Market Law. The bank is dedicated to ensuring customer satisfaction by focusing on delivering a wide range of top-tier investment banking services and products.
- Services: HSBC Saudi Arabia provides a comprehensive suite of investment banking services, including corporate financing services (IPOs, M&A, private placements), debt finance and advisory, institutional brokerage, securities services, investment banking advisory, debt capital markets, project and export finance, and equity research.
- Network: HSBC Saudi Arabia leverages its strategic partnership with HSBC Asia Holdings B.V. and SAB to establish a robust network across Saudi Arabia. Through this network, it ensures accessibility and efficient delivery of their investment banking services to clients nationwide.
- Online Banking: HSBC Saudi Arabia offers the HSBCTadawul service, providing convenient online banking solutions. Through HSBCTadawul, clients can access a range of online services, enhancing their banking experience and enabling seamless transactions and investment management.
18. Standard Chartered Bank
Standard Chartered Bank’s branch in Saudi Arabia was established in June 2021 with approval from the Saudi Central Bank. It is a pivotal element of the group’s strategic presence in the Middle East. It seamlessly integrates global expertise with profound local insights, bolstering its significance in the region.
- Services: It specializes in catering to renowned global corporates and financial institutions, leveraging Standard Chartered’s extensive product capabilities. It actively engages in milestone transactions, thereby fostering the Kingdom’s market development.
- Network: It facilitates seamless financial solutions with its robust network that is tailored to diverse client needs, bolstering economic growth and stability within Saudi Arabia.
- Online Banking: Standard Chartered Bank in Saudi Arabia offers cutting-edge online banking services, ensuring convenient access to financial tools and resources for clients, thereby enhancing efficiency and accessibility in the digital era.
19. Bank Muscat
Bank Muscat inaugurated its commercial banking branch in Riyadh, Saudi Arabia in April 2017. It marked a significant milestone as the first Omani bank to establish a full-fledged presence in the kingdom. The branch embodies a blend of Saudi and Omani hospitality, offering a welcoming environment for customers.
- Services: Bank Muscat Riyadh Branch caters to diverse corporate banking needs, providing a comprehensive array of services including corporate banking, trade finance, and treasury products. It aims to meet the financial requirements of businesses with tailored solutions and prompt assistance, ensuring client satisfaction.
- Network: With its strategic presence in Riyadh, Bank Muscat extends its network beyond Oman, facilitating seamless financial transactions and fostering economic ties between the two nations. The branch serves as a vital link in strengthening bilateral relations and promoting economic cooperation.
- Online Banking: Bank Muscat Riyadh Branch offers robust online banking services, empowering customers with convenient access to their accounts and financial transactions. Through secure digital platforms, clients can manage their finances efficiently, enjoying the benefits of modern banking technology.
20. Deutsche Bank
Deutsche Bank is a German multinational investment bank and financial services firm. It operates globally with a branch in Saudi Arabia. Recognized as a global systemically important bank since 2011, it falls under direct supervision by the European Central Bank.
- Services: The bank offers a range of services including customer logins, online banking, mobile services, and investment banking. It also caters to retail and corporate banking needs. Additionally, it operates under the DWS brand, providing investment management solutions.
- Network: With a vast network spanning worldwide, Deutsche Bank serves clients across various regions, ensuring accessibility and convenience. Its extensive reach facilitates efficient financial solutions for individuals and businesses alike.
Online Banking: Deutsche Bank prioritizes customer convenience with its robust online banking platform, enabling clients to manage accounts, conduct transactions, and access financial services securely and conveniently from any location.
Conclusion
Whether you are a Saudi national or an expatriate, a business owner or an individual looking for retail banking solutions, the variety of banking services in Saudi Arabia is designed to meet your unique financial needs. The top banks, with their impressive total assets and extensive offerings, represent pillars of trust and reliability in the ever-evolving landscape of banking. These banks not only shape the local banking sector but also extend their influence across the Middle East.
The Saudi Arabian Monetary Authority (Sama) stands as the guardian of this financial realm, ensuring a secure and regulated environment for both banks and customers. Its role in maintaining the stability and integrity of the banking sector is instrumental in fostering trust and confidence among investors, entrepreneurs, and individuals.
Ultimately, the Best Bank in Saudi Arabia is the one that aligns with your individual financial goals and aspirations. By considering factors such as your specific needs, banking services, and preferences, you can make an informed choice that empowers you to achieve financial success and peace of mind. The path to financial excellence in Saudi Arabia is diverse, promising, and open to your aspirations. So, go ahead and embrace the bank that aligns perfectly with your financial needs, and let your financial journey flourish in this vibrant Kingdom of opportunity.
