JEDDAH, 26 April 2006 — Saudi Hollandi Bank (SHB), the first bank in Saudi Arabia with 80 years of experience, yesterday announced the launch of its new image with the title “Evolution of Good Banking” reaffirming its determination to provide better and innovative services to its clients across the Kingdom.
“We have changed the logo of our bank as part of a comprehensive development plan,” said Giel-Jan van der Tol, managing director of SHB in a statement on the occasion. The development plan covered infrastructure, services to clients, branch offices and manpower, he added.
“Ours is the first bank in Saudi Arabia and we look forward to establish stronger relations with our clients, offering the highest level of innovative banking solutions,” he said.
Explaining the situation that prompted the bank to change its logo, the managing director said Saudi banks have been facing big competition in the wake of major economic changes in the country such as opening up of the banking sector to foreign investment. Many foreign banks have received licenses to open their branches in the Kingdom.
“The launch of the new logo coincides with the bank’s 80th anniversary,” Tol said, adding that SHB had organized a ceremony to mark the bank’s 80 years of innovative banking at Jeddah Hilton with the participation of 500 invited guests.
He said Saudi banks would face greater competition in the wake of the Kingdom’s accession to the World Trade Organization (WTO). He said the Saudi economy recorded strong performance in the past years as a result of economic reforms introduced by Custodian of the Two Holy Mosques King Abdullah.
Tol commended the government’s efforts to privatize state-owned corporations, most importantly the telecom company. “We have also seen many companies going public offering their shares in initial public offerings (IPOs),” he said.
“We decided to change our logo to renew our commitment to our clients and assure that the bank is making steady steps toward progress with confidence and responsibility. The yellow color reflects optimism and hope toward a bright future for both SHB and Saudi Arabia,” he explained.
The managing director said the colors of the new logo also reaffirmed “our strong partnership with ABN Amro” which holds a 40 percent stake in the bank. SHB has 1,300 employees with Saudis accounting for 82 percent of the total staff and 40 branches across the Kingdom.
SHB has achieved many firsts during the past 80 years since its establishment in 1926. It led a consortium of eight Saudi banks in 2005 to arrange finance worth SR1.5 billion for the new Jamrat expansion project in Mina. In 2003, the bank launched the first Smart Card in the Kingdom.
