Saudi Hollandi Bank, which has been renamed as Alawwal Bank as part of its new corporate identity, announced a major transformation plan on Sunday that according to them will see the bank build on its reputation for innovation and service excellence.
Managing Director Bernd Van Linder said, “we will digitize all our branches with no need for our valued customers to visit the bank.”
Linder, who will be replaced by former RBS banker Soren Nikolajsen as the MD from Jan. 1, said the name change, marks the start of a transformation plan to see the bank build on its reputation for innovation and service excellence.
Mubarak Abdullah Al-Khafrah, chairman, commented on it saying, “We were established 90 years ago in 1926. We defined banking in the Kingdom and set a number of firsts. As the Kingdom transforms and diversifies its economy, we have also transformed to deliver the future of banking and meet the needs of the leaders of tomorrow.”
He underlined that the new brand name Alawwal in Arabic for “The First” reflects the banks’ impressive pedigree.
Established in 1926, it became the first bank to operate in the Kingdom, and seven years later, the first to finance an oil transaction for the government, Al-Khafrah added.
Khalid Al-Muammar, chief executive officer of the bank said the new name suits the bank which set a number of firsts that include first to finance oil transaction for the government and also served as the first central bank. He added that prior to the establishment of the Saudi Arabian Monetary Agency (SAMA) in 1952 to serve as the central bank of the Kingdom, Saudi Hollandi Bank acted as a de facto central bank and assisted in issuing the first Saudi riyal in 1928.

Source: Arab News