Saudi Awwal Bank (SAB) is one of the pillars of Saudi Arabia's financial system, setting the benchmark for its innovative financial products, extensive service network, and commitment to social responsibility. Since its inception in 1978, SAB has cemented its position as the third largest bank in Saudi Arabia through a merger with Avar Bank and continued digital transformation. With a mission to "support Saudi Vision 2030 and drive economic and social development", the bank provides comprehensive financial solutions to individuals, businesses and high-net-worth clients through more than 80 branches and more than 5,400 ATM access points. This article will provide insight into the characteristics and advantages of SAB in terms of organizational profile, financial health, products and services, fee structure, digital experience, customer service quality, security measures, unique services, and market position.
Institutional Overview and BackgroundSaudi
Awar Bank was established on January 21, 1978, formerly known as Saudi British Bank (SABB), and is headquartered at 7383 King Fahad Branch Rd, Al Yasmeen District, Riyadh, Saudi Arabia. The bank's history dates back more than 90 years to the British Bank of the Middle East, which was acquired by HSBC in 1959. Due to Saudi restrictions on foreign bank ownership, SABB was established in 1978 to manage HSBC's assets and branches in Saudi Arabia. In 2018, SAB announced a merger with Alawwal Bank (the first bank in Saudi Arabia founded in 1926), the first merger of the Saudi banking sector in 20 years. On June 16, 2019, the merger was officially completed and the bank changed its name to Saudi Awar Bank (SAB), which means "First Bank", reflecting its historical status.
SAB is a joint-stock company listed on the Saudi Stock Exchange (Tadawul) < a target="_blank" rel="noopener noreferrer nofollow" href="http:// ticker symbol 1060.SE" >ticker symbol 1060.SEWith a registered capital of SAR 20.548 billion, a total of 2.055 billion shares with a par value of SAR 10 per share. Major shareholders include HSBC (minority stake), Saudi Arabia's General Social Insurance Authority, the Public Pension Authority and other local and international investors. SAB's services cover the entire Kingdom, with more than 80 branches (including 10 women-only branches) and one branch in London, providing more than 5,400 ATM access points through the LankaPay network, ensuring easy access to and from customers across the country. SAB specialises in retail banking, corporate banking, wealth management and investment banking services, offering a diverse range of financial products through its subsidiaries such as HSBC Saudi Arabia, SAB Islamic Financial Solutions and SAB Takaful.
SAB is regulated by the Saudi Central Bank (SAMA) and is subject to the Banking Control Law and related regulations. Its deposits are protected through the Saudi Deposit Insurance Program (SDIS) and each depositor is compensated up to SAR 100,000. SAB adheres to strict anti-money laundering (AML), counter-terrorism financing (CTF) and FATCA requirements, and has a 2024 Fitch Ratings rating of BB+ with a stable outlook, indicating that it has a strong compliance record and no major breaches reported.
Historical BackgroundThe
history of SAB began in 1926 with the establishment of a branch of Avar Bank (formerly the Dutch Trade Association) in Jeddah to serve pilgrims. In 1978, SABB was established to take over HSBC's operations in Saudi Arabia and became a key player in the Saudi banking sector. In 2014, SAB strengthened its market presence through partnerships with organizations such as Saudia and Real Madrid. The merger with Avar Bank in 2019 marked a significant milestone for the Saudi banking sector, with the combined SAB becoming the third largest bank in Saudi Arabia with SAR 399.4 billion in assets. In 2023, the bank changed its name to Saudi Awar Bank, further cementing its brand image.
Financial HealthSAB's
financial position is solid with the following key indicators for 2024:
- Capital adequacy ratio: CET 1 ratio of 16.3%, which meets Basel III requirements, indicating that it has sufficient capital to address potential risks.
- Total assets: SAR 399.4 billion, up 12% year-on-year.
- Net profit: SAR 8.1 billion, up 15% year-on-year.
- Revenue: SAR 14 billion, up 10% year-on-year.
- Shareholders' equity: SAR 60.3 billion, up 4% year-on-year.
- EPS: SAR 3.78, up SAR 0.37 year-on-year.
In the first quarter of 2024, SAB's total revenue was SAR 4.6 billion and net profit was SAR 456 million, up 5.12% year-on-year, demonstrating its resilience amid economic challenges. Clients can obtain the latest financial data through the annual report on the SAB website.
Deposit & Financing
ProductsSAB offers a wide range of deposit products, all of which are Shariah-compliant:
- Islamic Mudarabah Saving Account: Based on the Mudarabah profit-sharing model, the client receives profits based on the average daily balance and invests in Shariah-compliant assets. The account supports unlimited deposits and withdrawals, SMS alerts and mobile banking services.
- Wafer Account: An innovative savings plan with a minimum monthly deposit of SAR 100, suitable for short- to medium-term savings goals, where customers receive the principal amount invested and accumulated profits at the end of the agreed period.
- High-yield savings accounts and CDs: The specific products are not disclosed, but SAB may offer similar products, and the interest rate is subject to bank consultation.
Financing products
SAB's financing products include:
- Personal financing: APR from 4.93% per annum, loan tenor from 1-60 months, minimum SAR 4,000 and maximum SAR 300,000. For example, SAR 100,000 financing, 5-year term, monthly payment of about SAR 1,857.49, no guarantor required.
- Home Finance: APR of 7.40%, loan-to-value ratio (LTV) of up to 90%, and tenure of 5-30 years. For example, a property with an appraised value of SAR 500,000 can be financed by SAR 450,000 with a monthly payment of about SAR 4,037.18. Early repayment is required to pay the entire profit in the first two years, after which the next three instalments are paid.
- Vehicle Financing: The specific product is not specified, but it may be offered through personal financing and requires collateral for the vehicle.
- SME loans: short-term loans are 5%-7% plus SIBOR, medium-term loans are 6%-8% plus SIBOR, and administrative costs are 1.5%-3%.
- Credit Card (Visa Platinum): APR of 45.41%, credit limit of SAR 100,000, annual fee of SAR 399 (no annual fee for new cards).
All financing products offer flexible repayment, and customers can customize their repayment plans based on their earning capacity, and there are usually no additional fees for early settlement (except for home financing). Proof of identity (e.g. Saudi ID or Iqama) and proof of income are required for loan approval, in line with anti-money laundering requirements.
Digital Service
ExperienceSAB offers modern financial services through the "SAB Mobile" mobile app (available for iOS and Android) and the "Flexx Click" online banking platform. Core features include
:- Account Management: View balances, transaction history, and credit card information.
- REAL-TIME TRANSFERS: SUPPORT FOR DOMESTIC AND CROSS-BORDER TRANSFERS IN SAUDI RIYAL AND OTHER CURRENCIES (SWIFT CODE: SABBSARITSO).
- Bill Payment: Pay Home Office fees, telephone bills, etc. through SADAD services.
- Investment Tool Integration: Support for fixed deposits and investment management.
Technological innovations include biometric logins, one-time password (OTP) authentication, and mobile point-of-sale (mPOS) services. In 2024, SAB attracted 22,720 users through WhatsApp banking services, with a digital transaction volume of SAR 112.46 billion. However, user feedback revealed login issues and inadequate features in the SAB Mobile app, such as a lack of credit card and loan application features, HSBC Tadawul services and live chat support. User reviews are mixed on the App Store and Google Play, with some users saying it is safe and user-friendly, while others complain about the technical stability that needs to be improved. SAB doesn't explicitly mention AI customer service or open banking APIs, but its digital platform is leading the way in the Saudi banking industry.
Customer Service
QualitySAB provides a diverse range of customer service channels to ensure that customers receive timely support:
- Service channels: 24/7 contact center (800-124-8000, international customers dial +966 11 440 8777), email (info@sab.com), WhatsApp, and the X platform ([@SAIBLIVE](https://x.com/SAIBLIVE))。 Customers also have access to face-to-face services through more than 80 branches.
- Complaint handling: SAB has a Customer Care Unit where customers can submit complaints through the online feedback form on the official website, and unresolved issues can be escalated to the Quality Assurance Manager or the Financial Ombudsman. Complaint rate, average resolution time, and satisfaction data are not publicly available, but the process is in line with SAMA regulatory requirements.
- Multilingual support: Services are mainly available in Arabic and English to meet the needs of local and international customers in Saudi Arabia. Cross-border customers can consult other language support.
Security
MeasuresSecurity of Funds
SAB's deposits are protected through the Saudi Deposit Insurance Program with a maximum compensation of SAR 100,000. Banks use real-time transaction monitoring, multi-factor authentication (MFA) and biometrics to prevent fraud, emphasizing that customers will not be asked for passwords or PINs via phone calls, text messages or emails.
Data securitySSL
encryption, firewalls, and regular security audits are used for online banking and mobile applications. SAB uses social media to run an anti-fraud campaign to warn customers of phishing emails and unsecured public Wi-Fi. As of 2025, no major data breaches have been reported, and as a regulated bank, SAB should have strict data security measures in place.
Featured Services & DifferentiationSAB
differentiates itself through segment services and community engagement:
- Savings Accounts for Seniors: Higher profit-sharing and priority services for customers over 55 years old.
- Green financial products: Supporting renewable energy projects through SME loans, in line with the sustainability goals of Saudi Vision 2030.
- High Net Worth Services: Based in Riyadh, Jeddah and Al Khobar, Private Banking offers dedicated relationship managers, customised financial solutions and exclusive experiences such as exclusive travel and cultural events. Clients are required to maintain a regular investment of SAR 10 million or a monthly salary transfer of SAR 350,000.
- Community Involvement: SAB is actively involved in education grants, orphan care and environmental projects, and promotes Islamic finance education through the "Asala" programme, demonstrating its social responsibility.
Market Position & Accolades
SAB is the third largest bank in Saudi Arabia with total assets of SAR 399.4 billion in 2024 and market capitalization of approximately SAR 18.9 billion (share price SAR 9.19, May 8, 2025). The bank is a leader in retail banking, corporate banking, trade finance, foreign exchange, wholesale equity and bond banking, digital services innovation and ESG. In 2021, SAB was ranked as one of the top 50 Islamic banks in the world by The Asian Banker, rising to 37th place in 2023. In 2024, SAB received the following awards:
- The Asian Banker Awards for Best Business Intelligence & Data Analytics Implementation -
Euromoney for "Best Domestic Bank in Saudi Arabia" -
World Business Outlook for "Most Innovative Financial Solution Provider" for
thefuture
Going forward, SAB will continue to drive digital transformation and plan to solve the challenge of 30% of the Kingdom's population not being banked through fintech. The Bank is committed to achieving the Sustainable Development Goals of Saudi Vision 2030 through innovation and community engagement, particularly in the areas of green finance and financial inclusion. In 2025, SAB plans to further expand its service network, enhance customer experience, and strengthen its leadership position in trade finance and ESG.
SummarySaudi
Awar Bank (SAB) is a leading player in the banking industry in Saudi Arabia with its innovative financial products, extensive service network, and commitment to social responsibility. As a private commercial bank, SAB became the third largest bank in Saudi Arabia through its merger with Avar Bank in 2019, with total assets of SAR 399.4 billion. The bank offers a wide range of deposit and financing products, including Islamic savings accounts, vafael accounts, personal financing and housing financing, as well as convenient digital services through the "SAB Mobile" mobile app. Despite user feedback indicating technical issues with the app, SAB continues to improve the customer experience through strong customer service and market position. The bank also provides private banking services and green financial products to meet the needs of high-net-worth clients and sustainable development. SAB has a strong market position and has won numerous industry awards, including the 2024 Asian Banker Awards for Best Business Intelligence & Data Analytics Implementation, demonstrating its leadership in technological innovation and data analytics. In the future, SAB is expected to further consolidate its industry leadership position with its continued efforts in the areas of digitalization and sustainability.
