Riyad Bank (Arabic: بنك الرياض) is one of the largest financial institutions in Saudi Arabia, ranked fourth in assets.[5][6]
 | |
Native name | بنك الرياض |
|---|---|
| Company type | Public (Tadawul: 1010) |
| ISIN | SA0007879048  |
| Industry | Finance |
| Founded | November 23, 1957 |
| Headquarters | Riyadh, Saudi Arabia[1] |
Key people | Abdullah Mohammed Al-Issa Chairman[2] Nadir S Al-Koraya CEO[3] |
| Products | Financial services |
| Total assets | 265,788,878,000 Saudi riyal (2019) |
Number of employees | 5,973 [4] |
| Website | www.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]
