The chosen organization that I will discuss here is one of the largest financial institutions in the Kingdom of Saudi Arabia, it is ‘Riyad Bank’. Riyad Bank is one of the oldest Banks in the Kingdom. It was created in 1957 and currently, it has 51% of the stock owned by the government of the Kingdom. So, it has mixed ownership, but the majority of the shares are owned by the government of the kingdom. Meanwhile, like other commercial banks in the country, Riyad Bank is also regulated by the common central authority of the kingdom, known as the Saudi Arabian Monetary Authority (SAMA). There are currently 5900 employees working for Riyad Bank and they also claim that the bank is among the Kingdom’s organizations with a 94% national employment rate (which is considered the highest national employment rate in the Kingdom).
The bank provides products and services to corporate (B to B), retail (B to C), and small & medium enterprises (SMEs) customers. The products and services are completely compliant with the ‘Islamic Sharia’. The core products and services that Riyad Bank offers include financial and investment assistance, an investment management portfolio, mutual funds manager, and the Institute for a leading financial management system in the Kingdom. The Bank has played a leading role and is yet playing its role in the finance and investment areas of the Kingdom’s infrastructure and development institutions. The bank also has a long history of arranging ‘syndicating loans’ and financing to the institute related to oil exploration projects, petrochemicals, and the major projects of infrastructure in the Kingdom. The bank also provides ‘electronic banking services via a web portal and mobile application.
Saudi Vision 2030 (SV2030) & Riyad Bank
The vision of the Riyad Bank is to be “the most innovative and trusted financial solution partner”. Its vision is not limited to being the financial solution partner of the Kingdom and its people, but the bank is looking forward to penetrating the international markets as well. The mission of the Riyad bank states “to help people, organizations and society achieve their aspirations by being their trusted and caring financial solution partners”. The bank claims that the management and the clients are one team and they are together to win financial profits together.
The strategic extension of the Bank
The bank strategically and carefully has distributed its existence everywhere with very specific locations in Saudi Arabia. Thus it makes things clear that the bank does not only apply a strategic approach and thinking to the policies and decision-making processes only, but, they are very strategic and specific from very long in-depth to its beginning. As the bank has a history of involving in extraordinary performance related to financial solutions via a well-established network of 308 branches, 53580+ POS, and 2542+ ATMs which are strategically distributed in the Kingdom. Moreover, looking at the strategic goals, the bank is looking forward to expanding beyond the borders. So, they have opened a branch in London, along with several offices in Houston (USA) as well as in Singapore.
Saudi Vision 2030 – SV2030
Saudi Vision 2030 is the most significant strategic reform by the government of the Kingdom towards the development and prosperity of the region. SV2030 is meant to reduce the oil dependency on the Kingdom’s GDP. So, a significant change is going on in the Kingdom. Meanwhile, this change can only boost the sales turnover of Riyad Bank significantly. As new infrastructure projects will look for financial assistance, the new investment in the country will value add to the economy, so that more people will and corporations will go for the investment. Considering this fact, Riyad Bank can target and rightly penetrate the market to get more investment to manage. Meanwhile, portfolio management can also be influenced positively by SV2030’s development. The bank can also mediate foreign investment by expanding the Bank’s financial activities to more new markets and targeting new countries to start providing their products and services. Which is indeed the strategic ultimate goal of the organization.
Just like SV2030 supports the Riyad Bank’s strategies, the bank’s strategies also support SV2030. It helps in terms of financing new SV2030 projects, establishing and covering the bases of the SV2030 linked projects related to the infrastructure, empowering the women workforce, attracting foreign investment, contributing to modernizing the economy, and facilitating SMEs to boost their business by fulfilling their timely financial needs by proving them loans, support, and services. Furthermore, Riyad Bank’s strategy is also considered very much aligned to the SV2030 in various aspects including modernizing the national economy and boosting domestic businesses and manufacturers to contribute to the national economy.
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