Al Rajhi Bank has been named the most valuable banking brand in the Middle East for 2011 as per the Brand Finance “Top 500 Banking Brands” annual report. The value of Al Rajhi Bank brand has increased to $1.504 billion in 2011 compared to $922 million in 2010, boosting its brand value rank from 149 in 2010 to 109 in 2011 with a rating of AA+ in 2011 compared to AA in 2010.
Maintaining its position in the lead for the 6th consecutive year, Al Rajhi Bank had the highest profits among all Saudi banks in 2010 with a net profit of 6,771 million Saudi Riyals.
Commenting on the results of the Brand Finance study, Abdullah Sulaiman Al Rajhi, Managing Director and Chief Executive Officer of Al Rajhi Bank said: “Since its launch, Al Rajhi Bank has been on a growth path, assuming market leadership along the way, and has today become one of the leading and most progressive banks in the region. We have always strived to deliver the best quality of services and products which has helped us gain the loyalty and trust of our customers, and thereby establish a strong brand presence in the region.
David Haigh, Chief Executive Officer of Brand Finance commented: “Broader economic performance certainly counts for a lot, but it’s not the only ingredient that goes into creating a strong brand. Top rank banks possess a memorable visual identity, consistent and recognizable branding, as well as strong advertising slogans.”
Al Rajhi Bank’s network of branches covers all parts of the Kingdom of Saudi Arabia with 466 Branches, 101 ladies centers and 137 express remittance centers, 20 Branches in the Kingdom of Malaysia and one Branch in Kuwait. The Bank has recently announced that it has finalized the set up procedures of its branches in the Hashemite Kingdom of Jordan.