The head of the Saudi bank Al-Rajhi, Abdullah Al-Raji, denied any intention to acquire Bank Al-Bilad or Bank Al-Jazira.
In statements to the In the Picture program, he stated that what is reported about the acquisition of other banks is incorrect, and there is no plan for a merger or even studies or communications, and the bank does not buy shares of these banks and there is no plan or study on this matter, pointing out that the name “Al-Rajhi Bank” would not be changed to “Bank of the Future” and that “this [الطرح] It doesn’t exist at all, and we didn’t ask for it.”
Abdullah Al-Raji pointed out that some branches of the bank were merged and he said: “Our employees were about 12,500 employees at the end of 2019 and now there are about 21 thousand employees, and with the merger of some branches, we are not laying off employees, but rather the opposite “.
On the bank’s reasons for acquiring Ejadah, he said, “It was very important for us to have a technology subsidiary.”
He pointed out that Al-Rajhi Bank and other Saudi banks are able to maintain their positions even when new, large foreign players enter the market.
Regarding Vision 2030, Al Rajji said it has changed the economy and created great opportunities for banks and others, and the results confirm that we are moving in the right direction.
He said: “We have projects with the State 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 are no intentions to enter the field of digital currencies.