Alrajhi Bank

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Place Category: Legal & Financial ServicesPlace Tags: saudiarabia

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  • Al Rajhi Bank was founded in 1957, and is one of the largest banks in Saudi Arabia, with over 9,600 employees and $88 billion in assets. The bank is headquartered in Riyadh, and has over 600 branches, primarily in Saudi Arabia, but also in Kuwait, and Jordan, with a subsidiary in Malaysia. The bank was started by four brothers, Sulaiman, Saleh, Abdullah, and Mohamed, of the Al Rajhi family, one of the wealthiest families in Saudi Arabia. The bank initially began as a group of banking and commercial operations which, in 1978, joined together under the umbrella of the Al Rajhi Trading and Exchange Company. The company changed to a joint stock company in 1987, and after two years was rebranded as the Al Rajhi Banking and Investment Corporation. In 2006, the bank rebranded itself as Al Rajhi Bank. It is traded on the Saudi Arabian Stock Exchange (Tadawul), and around 75% of their shares are publicly owned. Al Rajhi family members are the bank’s largest shareholders.

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