Distinctive Success for Al Rajhi Corporate Group

10 March 2009

Riyadh – March 2009 – Al Rajhi Bank’s Corporate Group witnessed distinctive and record success due to a wide customer appeal from various business sectors including large scale business enterprises in the Kingdom.

Adnan bin Abdullah Al Olayan, Assistant General Manager for the Corporate Group at Al Rajhi Bank explained that the success is attributed to the various development programs that the Bank is undertaking with a purpose to continuously improve performance based on a clear strategy to maintain market leadership. He added, “Our key success factor is our partnership with the enterprise sector and assisting it by creating better efficiencies.”

Olayan highlighted the Bank’s Payroll service for companies and enterprises which is gaining a wide appeal amongst businesses.  In short, this is service is easy and simple to use in order to facilitate employee payroll and manage the salary rosters and private payments.  Employees with payroll cards can withdraw their salaries using the ATM without having to open a personal bank account at the Bank.

Olayan added, “These cards have been designed to meet the payroll needs of employees as it is an ideal tool for companies with a large payroll (employees with monthly salaries of SR 2,500 and under).  After the salaries are deposited, payroll cards are issued by the Bank without having to open checking accounts for employees. This enables the employees to withdraw their salaries using a the Bank’s extensive ATM network spread across the Kingdom, the largest in the Kingdom.  Employees can also deposit their monthly salaries and withdraw using the Bank’s ATM network."
Olayan also explained that this service offers complete usage accessibility through the Al Rajhi Bank ATM network, automated data exchange, dedicated internet based portal, electronic transmission file verification, feedback reports for reconciliation, no requirement for a personal employee current account, reduces risk of carrying cash, saves time and money spent on monthly reconciliation, and saves check printing costs.
The Assistant General Manager for Corporate Group at Al Rajhi Bank also highlighted the Money Transport service for company sales.  The Banking Services Department availed a cash collection service using the concept “The Bank at Your Doorstep,” in order to reduce time and effort in cash management from company sales and assist the business sector to collect its daily sales revenues and manage its cash allowing them to focus on the growth of their business.
Olayan indicated that these services also include cash collection, sales checks as well as collection based on the customer’s preferred time, same day deposit of collected, safe transport of cash and checks, visiting branches, as well as providing both speed and security for cash flow management.
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