Arab National Bank (ANB)
27 Jun, 2007
Arab National Bank (ANB) is one of the most active financial institutions in the Saudi market. It runs a network of more than 120 branches covering all parts of Saudi Arabia.
Arab Bank PLC Jordan owns 40 percent of the Arab National Bank. Arab National Bank, licensed as a public shareholding company, is active at all main Saudi economic sectors.
The Bank offers a wide range of local and international commercial and Islamic products and services covering retail and corporate banking. It also offers consultancy on investments, mutual funds and assets management, local & international equity trading, foreign exchange and treasury services.
The Bank's business grew steadily taking into consideration diversification in major sectors of the Saudi economy. The Bank has also worked on integrated projects to expand and modernize its branch network, electronic services and investment centers.
To keep up with the increasing demand on Islamic banking services, Arab National Bank transformed three of its branches to offer entirely Islamic banking services, offering products and services compatible with sharia (Islamic law) and issued an Islamic credit card.
In recognition of the Bank's national and international achievements and service excellence, Global Finance, a reputable international financial journal, granted the Bank the award of “Best Bank in Saudi Arabia for year 2004” for the second year in a row. Further, Arab National Bank won the “Bank of the Year in Saudi Arabia for year 2004 Award” from “The Banker” by the London-based "Financial Times" Institution also for the second time running. Arab National Bank was already named “Best Overall Fund Manager in Saudi Arabia for year 2003” for the second year in a row in recognition of the excellent performance of the Bank’s mutual funds management. Recently “Emerging Markets” of “EUROMONEY” magazine named the Bank “The Most Advanced Bank in the Middle East – 2004. and in 2006, Arab National Bank was granted the award of "The Best Call Center for the Middle East Clients".
Arab National Bank always affirms its readiness to meet the financial needs of the various sectors and underlines its pioneering role in supporting mega and strategic projects. The Bank is also keen to strengthen its role in serving the economy and seeks to enhance its presence in strategic projects. In this context, the Bank has financed large projects in vital sectors in the Saudi Arabia such as contributing to the expansion in "Saudi Electricity Company". An agreement was signed, under which a number of regional banks extended US$800 million to the company, which is considered the second largest operating company in the Kingdom.
Arab National Bank also participated in the syndicated loan of US$2.35 billion to the Saudi Telecom Federation to finance the second mobile phone operator license in Saudi Arabia, in addition to the purchase of the necessary equipment for running a second mobile telephone company.
Arab National Bank is also one of the major banks to extend a USD2 billion loan to finance the third phase of "Shueiba Project to Produce Water and Generate Electricity", one of the key strategic projects in Saudi Arabia.
At the end of the first quarter of the current year, Arab National Bank posted SR643 million in net profits, while total assets grew to SR82.2 billion and shareholders equity to SR8.7 billion.