Saudi-based banks open 25 new branches in Q1-2015

Saudi banks opened a total of 25 new branches during the first quarter, or an average of eight per month, according to the Saudi central bank’s latest bulletin.

The recent additions bring the total number of branches in the kingdom to 1,937, compared to 1,912 by the end of 2014.

Data published by Argaam breaks down the number of operating bank branches per year between 2006 and Q1-2015.

The below table illustrates the number of bank branches in Saudi Arabia since 2006 and year-to-date.

Riyad Bank (RIBL) accounted for the majority with 16 new branches opened during first quarter, followed by three new Bank Aljazira locations. Meanwhile, AlRajhi Bank, National Commercial Bank (NCB) launched two units.

Meanwhile, Arab National Bank (ANB) closed down two of its branches during the quarter.

In addition to the 12 listed lenders, banks operating in Saudi Arabia include 11 foreign financial institutions: Gulf International Bank (GIB), Emirates NBD, France BNP Pariba, National Bank of Kuwait (NBK), German Deutsche Bank, Bank Muscat, National Bank of Bahrain (NBB), JPMorgan Chase & Co., National Bank of Pakistan (NBP), and State Bank of India.

Saudi-listed banks had up to 1,924 branches by the end of first quarter, topped by AlRajhi (503 branches), NCB (344) and Riyad Bank (344).

Argaam Reports