By Hanan Alnufaie
RIYADH — Saudi Hollandi Bank on Sunday (Nov. 27) announced that it has rebranded its name to Alawwal Bank which means “first bank” in English. On that occasion, there was a panel discussion between Managing Director Bernd van Linder, General Manager of Treasury Mohammed Al-Shaikh, and Alawwal Invest CEO Khalid Al-Mumaar.
During the discussion, van Linder said: “We were established 90 years ago. In that period, we have defined banking in the Kingdom and set a number of initiatives. Now, as the Kingdom transforms and diversifies its economy, we have also transformed to deliver the future of banking and meet the needs of the leaders of tomorrow. Moreover, we are not the same as we used to be in 1926 or even 1977. We are rapidly changing and developing services to satisfy existing customers and to attract new ones. The new branding highlights the bank’s commitment to supporting the growth of the country’s economy while meeting the demands of its existing customers and a new generation of Saudi entrepreneurs and enterprises. We established in 1926, it became the first bank to operate in the Kingdom, and seven years later, the first to finance an oil aFurthermore, the bank was the first in providing services to pilgrims, car importing services, and one of most important goals was and will be supporting stakeholders, investors and entrepreneurs.
When asked about how the bank can partake in Kingdom’s Vision 2030, van Linder said “in line with the country’s vision, the bank also plays an active role in a number of initiatives across the Kingdom. The bank unwaveringly supports initiatives and privatization which is part of 2030. Alawwal has also partnered with leading global organizations to launch training programs designed to help young Saudis realize their potential. Other services include asset management and investment funds. The bank also provides brokerage services in the capital markets, locally and internationally, to individuals and institutions through its specialized and wholly-owned subsidiary company «Alawwal Invest».
Mohammed Al-Shaikh said “the new identity also reflects the banks’ recognition of the evolving banking landscape, and its commitment to technological innovation. Already offering a state-of-the-art mobile banking platform, Alawwal Bank is investing in infrastructure designed to deliver services to customers through even more digital channels – resulting in a quick, efficient and convenient banking experience. He added that “increasingly driven by its young and ambitious citizens, Saudi Arabia is shifting to a better future and so are we. As the new generation of tech-savvy Saudi business leaders, SMEs and entrepreneurs emerge, they will need a trusted and reliable banking partner.”
When asked about the challenges that are currently facing the banking sector, Al-Shaikh said “banking sector is very strong which leads it to overcome all periods of recessions across the history of Saudi Arabia. And we will continue investing in to develop our services along with technology, and human resources, so we can stand up against any negative change, deficit, or recession.”
