The anb is a major bank based in

Riyadh Riyadh (, ar, الرياض, 'ar-Riyāḍ, lit.: 'The Gardens' Najdi pronunciation: ), formerly known as Hajr al-Yamamah, is the capital and largest city of Saudi Arabia. It is also the capital of the Riyadh Province and the centre of the R ...

Saudi Arabia Saudi Arabia, officially the Kingdom of Saudi Arabia (KSA), is a country in Western Asia. It covers the bulk of the Arabian Peninsula, and has a land area of about , making it the fifth-largest country in Asia, the second-largest in the A ...

and listed on the

Saudi Stock Exchange Saudi Stock Exchange () or Tadāwul () is a stock exchange in Saudi Arabia. Tadāwul was formed in 2007 as a joint stock company and the sole entity authorized to act as a securities exchange in Saudi Arabia, but trading began in 1954 as an info ...

. It is among the top ten largest banks in the Middle East and has received an 'A' rank from

Standard and Poor's S&P Global Ratings (previously Standard & Poor's and informally known as S&P) is an American credit rating agency (CRA) and a division of S&P Global that publishes financial research and analysis on stocks, bonds, and commodities. S&P is consi ...

. It has 156 branches in Saudi Arabia. Its largest shareholder is

Arab Bank Arab Bank is one of the largest financial institutions in the Middle East, founded in 1930 in Jerusalem, Mandatory Palestine, as the first private sector financial institution in the Arab world. Headquartered today in Amman, Jordan, it serves c ...

, holding 40% of the fund.

History

anb established a branch in

Jeddah Jeddah ( ), also spelled Jedda, Jiddah or Jidda ( ; ar, , Jidda, ), is a city in the Hejaz region of the Kingdom of Saudi Arabia (KSA) and the country's commercial center. Established in the 6th century BC as a fishing village, Jeddah's pro ...

in 1949. One of the founders is Prince Khalid, son of Prince

Turki bin Abdulaziz Turki bin Abdulaziz Al Saud ( ar, تركي الثاني بن عبد العزيز بن عبد الرحمن آل سعود, ''Turkī aṯ ṯānī bin ʿAbdulʿazīz ʿĀl Suʿūd'') (1934–11 November 2016) was a Saudi Arabian politician and busin ...

. Early on, both the Governments of Saudi Arabia and

Kuwait Kuwait (; ar, الكويت ', or ), officially the State of Kuwait ( ar, دولة الكويت '), is a country in Western Asia. It is situated in the northern edge of Eastern Arabia at the tip of the Persian Gulf, bordering Iraq to the nort ...

took on small stakes in anb of about 10 per cent each. Despite this and despite being pan-Arab in its orientation, anb was unable to escape the policy limiting foreign ownership. In 1980, it transferred its six branches to the newly created anb. Arab National had a service agreement with anb that expired in 1988 and was not renewed. anb owns 40 per cent of the bank and some 5000 Saudi shareholders own 60 per cent. In 2002, the Governments of Saudi Arabia and Kuwait own about eight per cent of anb between them. anb has opened a branch in

London London is the capital and largest city of England and the United Kingdom, with a population of just under 9 million. It stands on the River Thames in south-east England at the head of a estuary down to the North Sea, and has been a majo ...

. Its largest shareholder(40%) is anb and Headquartered in Amman, Jordan.

References

{{Reflist Companies listed on Tadawul Islamic banks of Saudi Arabia Companies based in Riyadh Banks of Saudi Arabia 1949 establishments in Saudi Arabia Banks established in 1949

History

See also

References