From the first oil discoveries to the ambitious economic diversification of Vision 2030, Saudi Arabia’s banks have been indispensable partners in the Kingdom’s transformation.
Once a land of pearl diving and desert trade routes, Saudi Arabia is today one of the world’s largest economies and a powerful force in global finance, with a banking sector that ranks among the most dynamic and well-capitalized in the Middle East.
Regulated by the Saudi Central Bank (SAMA), the country’s banking sector has undergone successive waves of modernization, from the Saudization of foreign-owned banks in the 1970s to the digital transformation reshaping the industry today. Saudi banks are now at the forefront of financing multi-billion-dollar mega-projects — from NEOM’s futuristic, car-free, zero-carbon urban living to the Red Sea Project’s regenerative, marine-focused luxury tourism — while championing Islamic finance innovation and expanding their reach across the region and beyond.
These are the leading banks in Saudi Arabia, listed alphabetically, each with its own distinctive strengths and unique history.
Al Rajhi Bank
What began as a small family currency exchange operation in Riyadh has grown into the world’s largest Shariah-compliant institution with assets nearing $300 billion. Al Rajhi Bank traces its origins to 1957, when four brothers —Sulaiman, Saleh, Mohamed and Abdullah Al Rajhi— who were born in poverty to become one of Saudi Arabia’s most prominent families, began building a network of individual banking and commercial entities. In 1978, these entities were consolidated under the Al Rajhi Trading and Exchange Corporation, and in 1988 the bank was formally established as a Saudi joint stock company.
Al Rajhi Bank has been essential in bridging the gap between modern financial demands and Shariah compliance, pioneering products such as Islamic credit cards, lease financing and Sukuk, and blending dense branch coverage with heavy digital adoption. It serves approximately 20 million customers through a network of over 500 branches and more than 4,000 ATMs across Saudi Arabia, and maintains an international presence in Kuwait, Jordan and Malaysia. Al Rajhi Bank is a repeat winner of Global Finance awards, including for Best Islamic Bank, Best Consumer Digital Bank and Best Foreign Exchange Provider.
Alinma Bank
Established by Royal Decree in 2006, Alinma Bank is the youngest of Saudi Arabia’s major banks and —matching its name, which means “growth” or “development” in Arabic — one of its fastest-growing. Its purple branding incorporates the Khuzama (Wild Lavender), a Saudi symbol of the welcoming desert after rain, to signal a departure from legacy institutions, and position Alinma as a modern, boutique and consumer-centric alternative.
With assets of more than $80 billion, the bank was founded by three of the country’s most powerful state entities—the Public Investment Fund, the Public Pension Agency, and the General Organization for Social Insurance—each holding an equal 10% stake, with the remaining 70% offered to the public in April 2008, making it one of the most anticipated IPOs in Saudi market history.
Fully Shariah-compliant across all its operations, Alinma provides a comprehensive range of retail, corporate, investment and treasury services. With over 100 branches, more than 1,500 ATMs and an extensive digital platform, the bank serves close to 6 million customers. Alinma has earned recognition from Global Finance, including for Best Islamic Bank and in the Best Digital Banks category.
Arab National Bank
Established in 1979 by Royal Decree, Arab National Bank (ANB) took over the operations of six branches previously run by the Jordan-headquartered Arab Bank in the Kingdom, and has since grown its network to over 120 locations.
Always at the forefront of innovation, ANB introduced the TeleMoney international money-transfer service in 1992. In 2000, it became the first bank to launch an internet banking service in Saudi Arabia, evolving into a major player in the Middle East with a strong focus on digital transformation while remaining, to this day, a close collaborator with the FinTech sector.
With total assets close to $70 billion, Arab National Bank delivers a comprehensive suite of financial services spanning retail and private banking, corporate and commercial banking, treasury operations, and insurance. Its Shariah‑compliant products are offered through its subsidiary, Arab National Investment Company. The bank’s financing capabilities range from microlending to project and structured finance, including dedicated support for Small and Medium Enterprises (SMEs), a segment for which ANB was recognized by Global Finance in the Best Bank in Saudi Arabia category.
Bank Albilad
Established in 2004, Bank Albilad is one of Saudi Arabia’s newer and smaller full‑service institutions. As a born‑digital Sharia‑compliant bank that never had to unwind legacy systems, it was designed for modern digital‑first banking, positioning itself early as a nimble provider of services to personal, SME, and corporate clients, who can also rely on a network of over 100 branches across the Kingdom.
Beyond conventional banking services, Bank Albilad has built a diversified group of subsidiaries that strengthen its market offering: Albilad Capital provides investment banking, brokerage, and asset management; Enjaz has emerged as a leader in international remittance services, processing some of the largest outbound transfer volumes in the region; and Albilad Real Estate and Financial Solutions Company round out the group’s capabilities. The bank has also been ranked among the Safest Islamic Banks in the Gulf Cooperation Council by Global Finance magazine.
Bank AlJazira
Established in 1975, by 1979 Bank AlJazira had already transitioned to become a fully Islamic banking institution, earning the distinction of becoming the first bank in the Kingdom to offer fully Shariah-compliant services. In 2002, it again broke new ground by introducing Takaful Ta’awuni, giving Saudis the first fully Shariah-compliant alternative to conventional life insurance.
Today, the Jeddah-headquartered bank manages around $40 billion in assets and serves customers through approximately 80 branches and 60 Fawri Remittance Centers across the Kingdom, offering retail, corporate, investment and private banking services. Its investment arm, AlJazira Capital, extends that reach into brokerage, asset management, and corporate advisory. Global Finance has recognized Bank AlJazira as one of the Safest Islamic Banks in the GCC.
Banque Saudi Fransi
With roots stretching back to the French colonial-era banking institution Banque de l’Indochine et de Suez, Banque Saudi Fransi (BSF) has one of the most international pedigrees of any bank in the Kingdom. When the Saudi government enacted its Saudization policy in the late 1970s and converted all foreign bank branches into Saudi joint stock companies with majority local ownership, BSF was established in 1977 by Royal Decree as a joint venture between prominent Saudi shareholders and its French predecessor. Its cosmopolitan legacy is reflected to this day in its enduring strength in trade finance and cross-border corporate banking through its affiliation with Crédit Agricole Corporate and Investment Bank, an arm of the storied French banking group.
With assets valued at approximately $80 billion, a workforce of around 3,000 employees, and over 80 branches and 570 ATMs nationwide, Banque Saudi Fransi serves approximately 1.3 million customers across four primary segments: retail, corporate, treasury, and investment banking. BSF has been recognized by Global Finance numerous times, including for Best Bank for Cash Management in the Middle East, and in the Best Bank, Safest Banks, and Top Innovators categories.
Riyad Bank
Established in 1957, Riyad Bank is the oldest publicly held bank in Saudi Arabia. Its founding coincided with a period of rapid transformation in the Kingdom, as oil revenues began reshaping the economy and creating demand for sophisticated financial services. Today, the Saudi government retains a 51% stake in the institution, the third-largest in the Kingdom with assets of about $140 billion.
Riyad Bank provides a comprehensive range of fully Shariah-compliant products and services to retail, corporate, and SME clients through over 330 domestic branches, while its investment banking subsidiary, Riyad Capital, is a top player in IPO advisory and asset management.
Much like in its early years, the bank remains a leading arranger of syndicated loans in the oil, petrochemicals, and infrastructure sectors. Yet, the seven‑decade‑old banking institution is very much committed to digital innovation and alignment with Vision 2030. Riyad Bank has been recognized by Global Finance for excellence in Best Corporate/Institutional Digital Banks, Best Investment Bank and Safest Bank categories, among others.
Saudi Awwal Bank
The story of Saudi Awwal Bank (SAB) is, in many ways, the story of banking in Saudi Arabia itself. One of its predecessors, Alawwal Bank—originally the Netherlands Trading Society, established in 1926—was the first bank in the Kingdom and played a crucial role in the country’s early financial development. The other half of SAB’s lineage is the Saudi British Bank (SABB), created in 1978 when the operations of the British Bank of the Middle East were transferred to a new Saudi joint‑stock company in partnership with HSBC, which continues to hold approximately 31% of SAB’s capital.
In 2018, the Saudi British Bank announced its merger with Alawwal Bank. The integration was completed in 2021, resulting in SAB, a universal bank offering the full spectrum of banking and financial services, with approximately $120 billion in assets and more than 100 branches in Saudi Arabia, as well as one in London. SAB has been recognized numerous times by Global Finance, earning awards in the Best Bank, Best Private Bank, Best Trade Finance Provider, Best SME Bank, and Best Bank for Sustainable Finance categories.
Saudi Investment Bank
The Saudi Investment Bank (SAIB) was founded by Royal Decree in 1976 and started operations a year later with a primary mandate to provide medium and long-term industrial financing in support of the Kingdom’s economic development.
Over the years, the bank broadened its scope into full commercial banking, and in 2006 it launched its Alasalah Islamic Banking brand, offering a dedicated range of Shariah-compliant products and services through a network of specialized branches. SAIB has also established a range of joint ventures and subsidiaries spanning investment banking, share trading, asset management, leasing, mortgages, insurance, and credit cards.
A publicly listed company on the Saudi Exchange, with total assets exceeding $46 billion, SAIB caters to about one million customers through its 50 branches across the Kingdom, while keeping a dedicated focus on financing quasi-government and private industrial sectors, alongside trade finance solutions designed to support imports and grow Saudi exports.
Saudi National Bank
Also known as SNB AlAhli, the Saudi National Bank (SNB) is the largest financial institution in Saudi Arabia and one of the largest banks in the Middle East. Its principal heritage is the National Commercial Bank (NCB), which was founded in December 1953 and became the first bank to be officially licensed and operate in the Kingdom under a Royal Decree. For decades, NCB served as the anchor of Saudi banking, financing the country’s development across oil, infrastructure, and commerce. In April 2021, following one of the largest banking mergers in regional history, NCB combined with Samba Financial Group —itself originally established as Citibank’s Saudi operations, nationalized in 1980— to create the Saudi National Bank.
With total assets of over $300 billion, SNB serves approximately 15 million customers through over 480 branches and 20 retail service centers across the Kingdom, with international offices in Bahrain, the UAE, Qatar, as well as in Singapore, China, South Korea, and the United Kingdom.
The Public Investment Fund and the General Organization for Social Insurance are among its largest shareholders. SNB is also the preeminent financier for Saudi Arabia’s landmark Vision 2030 infrastructure and diversification projects, and regularly wins Global Finance awards in the Safest Bank, Best Bank, and Best Digital Bank categories.
