15 Jan 2007
Riyadh: Saudi Arabia-based Al Rajhi Bank will open 160 branches within the next 18 months, according to a bank statement.
The bank, however, did not disclose the total cost of the expansion, but informed sources predict it could exceed 1.7 billion Saudi riyals.
Abdullah Bin Sulaiman Al Rajhi, chief executive of the bank, said the locations of the branches have already been fixed and land plots purchased, adding they will cover all provinces of the kingdom.
He said that the new branches will have the latest banking technology to enhance the bank's plan for providing electronic banking services.
Saeed Mohammad Al Ghamdi, general manager of personal banking service, said the expansion will help Al Rajhi Bank maintain its leading position as the owner of the biggest network of branches in the Arab world and the Middle East.
Al Rajhi Bank was established more than 50 years ago. The bank currently has 400 branches for male customers and 100 for ladies.
By Mariam Al Hakeem
Gulf News 2007. All rights reserved.
