Saudi Awwal Bank is considered the best bank in Saudi Arabia. In May 2024, Saudi Awwal Bank won the Best Bank Award in Saudi Arabia from Global Finance. Saudi Awwal received the title of Best Bank in Saudi Arabia for the fifth consecutive time. The award recognizes Saudi Awwal Bank’s creative banking services and the bank’s determination to enhance their customers’ banking services and experiences. The Best Bank award came following a referendum in which a selected panel of financial experts took part and considered a range of criteria, which included profitability, asset growth, strategic relationships, customer service quality, product innovation, and various other relevant factors.
Saudi Awwal Bank: The Best Bank in Saudi Arabia
Saudi Awwal Bank is a joint-stock company situated in Riyadh, Saudi Arabia. SAB history traces back to the British Bank of the Middle East, which HSBC bought in 1959. Due to limits on foreign ownership of banks in Saudi Arabia, the Saudi Arab British Bank was created in 1978 to manage the branches and assets of HSBC in the country. In May 2018, SABB announced it would acquire Alawwal Bank due to changes from Vision 2030 economic reforms. This was the first bank merger in Saudi Arabia in twenty years. The legal merger of SABB and Alawwal Bank was completed on June 16, 2019, and the bank adopted its current name after the merger.
Saudi Awwal Bank, by deposits, is one of the five largest banks in Saudi Arabia. SAB has over eighty branches in Saudi Arabia and two branches outside the country, one in London and another in England. Saudi Awwal Bank provides services in commercial banking, investment banking, personal banking, and Islamic banking. SAB Islamic financial solutions are part of the bank’s services. These services are regulated by the Saudi Arabian Monetary Agency and a Sharia supervisory committee.
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What has the CEO of Saudi Awwal Bank said?
The managing director and CEO at SAB Tony Cripps stated that, “Winning the best bank award provides the strategic vision of our bank and excellence in various areas and it highlights our commitment to supporting Saudi Arabia’s Vision 2030 Financial Sector Development Program. It confirms our bank’s role as a leading financial institution in driving economic development.”This year, SAB has reinforced its leadership in the banking sector with several achievements, including the “Accreditation in Innovation” award from the Global Innovation Institute, making it the first bank in Saudi Arabia to receive this recognition. SAB also received the “Best Bank for Private Banking in the Kingdom” award from Euromoney magazine. These awards highlight the bank’s excellent services and its ability to meet customers’ needs with efficient and innovative solutions.
