Riyad Bank optimistic about 2019 performance, says CEO
Riyad Bank is expected to see improved performance in 2019, compared to a year ago, as the economic mobility increased YoY in Q1 2019, CEO Tarek Al-Sadhan told Argaam in an interview.
The Saudi lender reported better figures last year compared to peers, as the sector saw a humble growth of around 2% in terms of retail lending, he said, pointing out that Riyad Bank posted rapid growth in demand and investment deposits.
The bank focuses on hiking finance for small and medium enterprises (SMEs), in light of the Saudi Small and Medium Enterprises General Authority’s (Monsha’at) efforts to create a unique economic system that enables SMEs to borrow from banks, Al-Sadhan said.
Riyad Bank also targets FinTech projects through its investment arm Riyad Capital, which has a special fund that seeks investment opportunities in technology and supports the sector’s entrepreneurs and SMEs, he said.
As for the Riyad Bank-NCB merger, Al-Sadhan said that both lenders have agreed to study the idea, which is in its early stages.
Such a merger would create a stronger banking entity with a bigger role in achieving the objectives of Vision 2030 through financing companies and the economic sector, he added.