Saudi Hollandi Bank, the kingdom's oldest lender, said it has rebranded to Alawwal Bank (The First in Arabic).

The name change marks the start of a transformation that will see the bank build on its reputation for innovation and service excellence.

The new branding highlights the bank’s commitment to supporting the growth of the country’s economy while meeting the demands of its existing customers and a new generation of Saudi entrepreneurs and enterprises, said a statement from the Saudi bank.

On the new move, Mubarak Abdullah Al Khafrah, the chairman, said: "We were established 90 years ago. In that period, we have defined banking in the kingdom and set a number of firsts. Now, as the country transforms and diversifies its economy, we have also transformed to deliver the future of banking and meet the needs of the leaders of tomorrow."

"Our new identity is more than just a name change. Not only is it representative of our efforts to continue delivering a wide range of services to our clients, but it is also a statement of how we view the way the banking sector should operate going forward as the kingdom realises its ambitions," he added.

According to him, the new brand name reflects the banks’ impressive pedigree.

Established in 1926, it became the first bank to operate in the kingdom, and seven years later, the first to finance an oil transaction for the government.

The new identity also reflects the banks’ recognition of the evolving banking landscape, and its commitment to technological innovation, said the bank in a statement.

Already offering a state-of-the-art mobile banking platform, Alawwal Bank is investing in infrastructure designed to deliver services to customers through even more digital channels – resulting in a quick, efficient and convenient banking experience.

“Increasingly driven by its young and ambitious citizens, Saudi Arabia is shifting to a better future and so are we.  As the new generation of tech-savvy Saudi business leaders, SMEs and entrepreneurs emerge, they will need a trusted and reliable banking partner,” remarked Al Khafrah.

"However, while we are focused on the current and future needs of our customers, our values will remain the bedrock of our culture. These values have made us the bank of choice for companies in Saudi Arabia for the last 90 years, and we are confident that they will continue to do so into the future," he added.-TradeArabia News Service