Saudi Hollandi Bank plans to change name
12 Oct 2016 - 23:25
Dubai: Saudi Hollandi Bank said yesterday that it would meet with shareholders to discuss changing the name of the kingdom’s oldest lender.
Industry sources said that the name could be changed to First Saudi Bank under a rebranding. The bank did not elaborate on the new name in a brief statement to the stock exchange nor address speculation among bankers in recent months that a 40 percent stake in Saudi Hollandi, held by a consortium that includes Royal Bank of Scotland, Banco Santander and the Dutch government, could be sold to a strategic investor.
Founded in 1926 as the first bank in Saudi Arabia, it was originally part of the Netherlands Trading Society and was set up to serve haj pilgrims from the Dutch East Indies, now Indonesia. In its statement, the bank said shareholders would be asked at a meeting on October 31 to authorise the board of directors to select a new commercial identity.
The consortium has been seeking to sell its stake for several years and recent speculation has suggested a sale might be close. The bank said yesterday that managing director Bernd Van Linder would leave the bank for personal reasons on December 31.