Al-Benyan reappointed as head of SME Bank

Crown Prince Mohammed bin Salman renewed Yousef Al-Benyan’s term as SME Bank Chairman for three years

Crown Prince and Prime Minister Mohammed bin Salman, Chairman of the National Development Fund (NDF), approved the renewal of Yousef Al-Benyan’s term as Chairman of the Small and Medium Enterprise Bank (SME Bank) for another three years, effective Dec. 5, the Saudi Press Agency (SPA) reported.

Al-Benyan said the leadership’s strong support for the SME sector has been the main driver behind its expansion and the steady increase in financing extended to small and medium businesses in recent years.

He added that the bank’s board will continue working to stimulate SME growth, strengthen their GDP contribution, achieve financial sustainability, and support the Kingdom’s overall economic development.

SME Bank was established on Feb. 16, 2021, by a Cabinet resolution as one of the development funds under the NDF. The bank aims to expand SME lending, close financing gaps, encourage financial institutions to offer innovative funding solutions, and enhance financial stability in this key sector.

The Crown Prince had first appointed Al-Benyan as Chairman of SME Bank’s board in February 2023.