Riyad Bank

Riyad Bank is one of the largest financial institutions in Saudi Arabia, ranked fourth in assets.[5][6]

Riyad Bank
TypePublic (Tadawul: 1010)
ISINSA0007879048 Edit this on Wikidata
IndustryFinance
Founded1957 (1957)
HeadquartersRiyadh, Saudi Arabia[1]
Key people
Abdullah Mohammed Al-Issa Chairman[2]
Tareq Al Sadhan CEO[3]
ProductsFinancial services
Total assets265,788,878,000 Saudi riyal (2019) Edit this on Wikidata
Number of employees
5,973 [4]
Websitewww.riyadbank.com

History

It was established in 1957.[7] The Saudi government owns 51% of the shares of the firm.[7]

Like other Saudi commercial banks, Riyad Bank is supervised by the Saudi Central Bank.[8]

In June 2010, the homepage of the bank's website was hacked by hackers demanding the dismissal of the mayor of the province of Medina.[9]

In July 2013, Riyad Bank chose Calypso for the management of its global cash flows.

In March 2018, Riyad Bank launched contactless payment wristbands, using the Gemalto digital security solution.[10][11]

In December 2018, Riyad Bank went into preliminary discussions with National Commercial Bank (NCB), the country's biggest lender by assets, to study a merger plan. After three weeks Riyad Bank hired Goldman Sachs to advise on the merger that would create the largest bank in the kingdom with $182 billion in combined assets.[5][12]

See also

References
  1. "Riyad Bank Saudi Arabia". Commercial Banks of the World. BanksDaily. Retrieved 25 November 2013.
  2. "Board of Directors".
  3. Tareq A. Al-Sadhan is the new CEO of Riyad Bank
  4. "Riyad Bank | Company Overview & News". Forbes. Archived from the original on 2023-04-11.
  5. Four Charts That Show the Impact of Saudi Arabia's New Mega Bank Bloomberg
  6. ArgaamPlus. "QNB, NCB top list of biggest GCC banks". ArgaamPlus. Retrieved 2017-04-05.
  7. Oxford Business Group (2008). The Report: Saudi Arabia 2008. Oxford Business Group. p. 72. ISBN 978-1-902339-00-9. Retrieved 18 September 2013. {{cite book}}: |author= has generic name (help)
  8. "Update: Riyad Bank Website Gets Hacked". Arabcrunch.com. 13 June 2010.
  9. Elliott Holley (9 July 2013). "Saudi Riyad Bank rebuilds treasury tech with Calypso". Bankingtech.com.
  10. Financial.net, CPI. "Contactless payment bracelets launched in Saudi Arabia". CPI Financial. Retrieved 2018-03-13.
  11. "Riyad Bank launches Saudi Arabia's first contactless payment bracelets". LeapRate. 2018-03-12. Retrieved 2018-03-13.
  12. Saudi’s Riyad Bank selects Goldman to advise on merger talks with NCB Gulf Business


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