Arab National Bank
Major bank in Saudi Arabia
From Wikipedia, the free encyclopedia
The Arab National Bank (anb; Arabic: البنك العربي الوطني) is a major bank based in Riyadh, Saudi Arabia and listed on the Saudi Stock Exchange.[2] It is among the top ten largest banks in the Middle East and has received an 'A' rank from Standard and Poor's. It has 156 branches in Saudi Arabia.[3] Its largest shareholder is Arab Bank, holding 40% of the fund.[2]
| |
Native name | البنك العربي الوطني |
|---|---|
| Company type | Public (Tadawul: 1080) |
| ISIN | SA0007879105  |
| Industry | Banking Financial services |
| Founded | June 13, 1979 |
| Headquarters | Riyadh, Saudi Arabia |
Number of locations | 140 Branches (2018) |
Area served | Saudi Arabia, United Kingdom |
| USD 673 million (2013) | |
| Total assets | USD 36.8 billion (2013) |
| Total equity | USD 5.1 billion (2013) |
Number of employees | 3,770 (2019)[1] |
| Website | anb |
History
anb established a branch in Jeddah in 1979. One of the founders is Prince Khalid, son of Prince Turki bin Abdulaziz.[4] Early on, both the Governments of Saudi Arabia and Kuwait 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. Arab Bank 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. Its largest shareholder (40%) is Arab Bank and headquartered in Amman, Jordan.[5]
