Riyad Bank

Riyad Bank is one of the companies listed on the Saudi Stock Exchange. It is among the most significant institutions offering financial services in the Kingdom of Saudi Arabia and the Middle East. The company was established in 1957 with a capital of 30 billion SAR. The company is ranked number three in terms of the assets with 51 percent of the shares of the firm owned by the government. The Monetary Agency of Saudi Arabia regulates it.

To ensure that customers do not lack any services that they may require Riyad ensures that they offer all types of banking services. The second strategy adopted by the firm is image building which makes it a famous and unique brand not only in Saudi Arabia but also in the Middle East. To ensure that they can finance both the retail both the customers requiring a small amount of fund as well as corporate businesses the firm has an asset base that is already established and they have a strong financial position. This is very advantageous to the firm as it can finance companies requiring a huge sum of capital such as those dealing with crude oil. To stand out from the competitors, the firm has recently managed to offer huge dividends.

In 2008 Riyad Capital which is owned by Saudi Bank was approved by the Saudi Capital market Authority to operate as a Closed Joint Stock Company. The relationship with the Bank has made the company have a strong corporate and banking background. The firm, therefore, enjoys the expertise of the bank, the substantial capital as well as the experience of the Riyad Bank.

The firm offers a variety of services all of which comply fully with the Sharia law. The services are geared towards meeting the needs of corporate as well as retail customers. The employees of the company are professionals thereby making the fulfillment of the company objectives a less complicated task. The firm has approximately 5,600 employees makes the firm among the companies with the largest national employment rate which is at 93 percent.

The Riyad Capital with the help of the bank has a unique strategy that makes it have an advantage over its competitors. First, the firm helps businesses to develop which means that for anyone who wants to get established in the business then Riyad is the best option. This strategy helps in attracting and retaining customers. The bank acknowledges that the customer is the most valuable asset for the business. For this reason, they launched a Data Center to ensure that the information of the clients’ is fully protected. The center meets all the international standards, so it is also beneficial in helping in ensuring quality and improving performance.

One of the important strategy adopted by the company in regard to customer satisfaction is ‘Enriching Customers’ Experience.’ Through this program, customers get innovative products and services that are unique from those of the competitors. The firm as broken the banking monopoly by ensuring that the clients have a unique experience and that the services and products are attractive. Additionally, the bank has ensured that the staff has the right skills for the tasks at hand. this has been achieved through various programs that boost the skills so that they can positively compete in this sector where competition is stiff.