Saudi Hollandi Bank
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Native name
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البنك السعودي الهولندي |
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| Public | |
| Traded as | : 1040 |
| Industry | Finance |
| Founded | 1926 |
| Headquarters | Riyadh, Saudi Arabia |
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Key people
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| Products | Corporate and institutional banking, SME banking, retail banking, investment banking, brokerage, asset management, insurance services |
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Number of employees
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1534 |
| Website | shb |
The Saudi Hollandi Bank (Alawwal Bank) (SHB) (Arabic: البنك السعودي الهولندي) is a bank based in Saudi Arabia. It was the first operating bank in the Kingdom of Saudi Arabia and was founded in 1926 as a branch of the Netherlands Trading Society.
It began as a branch of the Netherlands Trading Society in 1926 to serve the Hajj pilgrims from the Dutch East Indies, now Indonesia, and operated out of one office in Jeddah. As it was the only bank in the Kingdom at the time, it acted as the central bank, keeping the Kingdom's gold reserves and receiving oil revenues on behalf of the Saudi Arabian government. In 1928 the Saudi Riyal, a new silver coin commissioned by Late King Abdulaziz, became the Kingdom's first independent currency. The Netherlands Trading Society office in Jeddah assisted the government with the launch of the local currency.
In 1954 the Netherlands Trading Society expanded its operations in the Kingdom by opening two additional branches, in Al Khobar and Ad Dammam, in the Eastern Province.
In 1969, ABN Bank, the successor of the Netherlands Trading Society, was one of the first foreign banks to implement the Saudization initiatives set forth by the Saudi Arabian Monetary Agency (SAMA) and became the model for other foreign banks in the Kingdom. In 1977 the Saudi Hollandi Bank was established as a joint-venture company with a paid-up capital of SAR 35 million.
The branch network was expanded to include Riyadh, Jubail, Makkah, Hofuf, Madinah, Qatif and other regions.
In 2009, the bank opened its new operations center Al Waha, which houses the bank's centralised operations functions as well as the SHB Academy. Also in 2009, SHB was the first bank in the Kingdom to deploy the automated Teller Cash Recycling machines (TCR), which was introduced to enhance the Open Branch concept that allows direct contact between the bank's employees and its customers.
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Wikipedia