Banque Saudi Fransi (BSF), the commercial Saudi bank affiliated with the French Calyon Corporate and Investment BankCalyon Corporate and Investment Bank, offers comprehensive financial services and products, including Islamic banking, in Saudi Arabia and other markets. BSF was rated among the 50 top performing listed Arab Companies by Forbes Arabia in August 2006.

BSF began emphasizing its Shariaa compliant products since 2005 by making all banking transactions in Makkah branch compliant to Islamic Shariaa in April 2006 and launching two Shariaa compliant funds: Al Saffa Saudi Equity Trading Fund, which raised SAR1.6 billion (USD426 million) in demand and Al Naqaa Asia Growth Fund in November, which is mainly weighted on the Japanese and Chinese economies. In 2005, the bank also expanded its e-business services with the introduction of FransiPlus IV, the new generation of online retail banking FransiPlus, and was one of the first banks to launch on-line Initial Public Offering (IPO) services in Saudi Arabia with FransiIktitab. BSF's FransiTadawul customer base grew by 700% compared to 2004. BSF was also rated among the top three banks in Saudi Arabia in terms of the number and the volume of transactions of local equities for the year 2005. The investment services offered by BSF were developed and the bank's assets under management grew by 220% in 2005.

BSF signed a finance agreement with Saudi Arabia's first independent water and power project, Shu'aiba Water and Electricity Company (SWEC)Shu'aiba Water and Electricity Company (SWEC), in December 2005 and contracted a loan of SAR1.5 billion (USD411 million) to National Petrochemical Industrial Company (NatPet)National Petrochemical Industrial Company (NatPet) as part of a seven-bank consortium in March 2006. Three months later, BSF was a co-manager in the underwriting of Saudi Basic Industries CompanySaudi Basic Industries Company's (SABIC)(SABIC) SAR3 billion (USD800 million) sukuk issuance, which was the first public sukuk issuance in the Saudi market under the new Capital Market Law and the largest corporate sukuk issuance in the region. Also, BSF was one of nine lenders appointed to the Saudi International Petrochemical Company (Sipchem)Saudi International Petrochemical Company (Sipchem) acetyls project and one of six banks to underwrite Sipchem's IPO in August 2006. In parallel, BSF signed a SAR1.2 billion (USD320 million) Islamic loan agreement with National Industrial Gases Company (GAS)National Industrial Gases Company (GAS), in its role of lead arranger of its expansion projects in Jubail and Yanbu. For 2006 and over the next two years, BSF intends to play a central role in the planned green and brown field project financing in Saudi Arabia worth SAR93.7 billion (USD25 billion).