Riyadh Bank offers new personal savings plans

Published January 2nd, 2002 - 02:00 GMT

The Riyad Bank recently launched a new personal-finance planning program, Bena’a. The new savings investment plan aims to encourage RB clients to put away money for their future financial needs. 


The Bena’a program includes Bena’a Al-Ilm, an education fund for the client’s children, Bena’a Al-Mustaqbal, secure funds for real-estate purchases or small business investment, and the Bena’a Al-Seneen, securing an additional income for a comfortable retirement. 


An RB financial adviser will help the client decide on its financial priorities, choose and design the investment program that suits its requirements, and finally set its investment plan. Under certain conditions, a client may shift its savings from one investment program to another.  


The Riyad Bank (RB) recorded a one billion Saudi riyal ($267 million) net income in the first nine months of 2001, achieving a 17.8 percent increase over the previous year's corresponding period, reported Al-Hayat.  


RB was established in 1957, with an initial capital of SR 50 million, as a full service commercial bank. The Saudi private sector owns 71 percent of the bank and the balance is held by Saudi government agencies.  


Its main activity is providing commercial banking services through its network of 193 branches in Saudi Arabia, in addition to its overseas branches and subsidiaries in London, Houston and Singapore.— (menareport.com)

© 2002 Mena Report (www.menareport.com)

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