Awards for Excellence country winners: Saudi Arabia
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Awards for Excellence country winners: Saudi Arabia

Best bank: Al Rajhi Bank

Al Rajhi Bank’s Bank of the Future strategy marked its final year in 2023, the end of a series of growth targets set when chief executive Waleed Al-Mogbel took the helm.

The three-year plan saw the bank build up a private-banking business, increase active customers by 64%, triple small and medium-sized enterprise financing from SR10 billion ($2.7 billion) to SR31 billion, more than double corporate banking and almost double retail financing from SR251 billion to SR427 billion.

The bank takes home Euromoney’s award for best bank in Saudi Arabia this year in recognition of this progress and its involvement in several landmark financings in the Kingdom.

In March, the bank issued its debut sustainable sukuk, a $1 billion, five-year deal that was its first issuance in US dollars on the international capital markets.


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