Chairman of Al-Rajhi Bank: There are no plans to merge with Al-Jazira or Al-Bilad banks and we will not change the bank’s name

The head of Saudi Arabian Bank Al-Rajhi, Abdullah Al-Rajhi, has denied the existence of any intention to acquire Bank Al-Bilad or Bank Al-Jazira.

He said in statements to the “In the Picture” program that the reports on the acquisition of other banks are incorrect, and there is no plan for the merger or even research or contact, and the bank does not buy shares in these banks and there is no plan there either studio for this matter, emphasizing that the name of Al-Rajhi Bank will not be changed in Bank of the future and that “this [الطرح] He’s not there at all and we haven’t been asked.”

Abdullah Al-Rajhi pointed out that some of the bank’s branches have been merged and said, “Our employees were at the end of 2019 about 12,500 employees, and now about 21,000 employees, and with the merger of some branches, we did not lay off the employees, but quite the opposite”.

On the reasons for the bank’s acquisition of Ejadah, he said, “It was very important for us to have a branch that specializes in the field of technology.”

He pointed out that Al-Rajhi Bank and other Saudi banks are in able to maintain their positions even as new and large foreign players enter the market.

Regarding Vision 2030, Al-Rajhi said it has changed a lot in the economy and brought great opportunities to banks and others, and the results confirm that we are moving in the right direction.

He said: “We have projects with the Public Investment Fund and the fund has become one of the most important corporate clients. We have two companies in the construction sector and we have an expansion in 2023.”

The head of Al-Rajhi Bank confirmed that there is no intention to enter the field of digital currencies.

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