Arab National Bank has renewed its cooperation agreement with Microsoft Arabia to support both the bank's digital transformation and technical development process, particularly in the field of interactive reporting, strengthening the remote work system, enabling bank employees to use smart applications, and using technical tools to both increase their operational efficiency and stimulate their job performance.

The agreement was signed by the Bank's Chief Operating Officer, Mr. Ayed Al Zahrani, Microsoft Arabia's Vice President of Customer Success, Mr. Osama Al Sulaiman, in the presence of Arab National Bank CEO, Mr. Obaid Abdullah Al Rasheed, and the President of Microsoft Arabia Eng Thamer Alharbi.

"The partnership with Microsoft Arabia, a company that is leading in the technology industry, will support and enable the Bank's strategic directions in the field of digital transformation on more than one level, including strengthening its infrastructure, enabling its employees to apply best technical practices in their functional processes, thereby enriching the customer experience, improving the quality and level of banking services and solutions provided to them, and meeting their growing needs at any time and place effectively and flexibly," said Ayed Al Zahrani after the signing ceremony.

In turn, Mr. Osama Al Sulaiman, Microsoft’s Vice President of Customer Success, appreciated this step, pointing out that the relationship with Arab National Bank, as one of the most prominent Saudi banks, is an extension of the enablement that Microsoft provides to integrate digital transformation and enhance its financial digital infrastructure and operational efficiency, while stressing the importance of this partnership, which is to invest, develop and modernize the technological structure and digital transformation, in accordance with the highest standards and specifications, to facilitate access to financial services, provide the right environment for the requirements of this transformation and enhance financial inclusion, and diversify digital financial services."

The fruitful partnership between Arab National Bank and Microsoft Arabia has enabled the Bank's journey in developing many business sectors under the umbrella of its digital transformation strategy towards Arab National bank (ANB)’s digital transformation journey which includes information and cyber security, artificial intelligence in customer services, and enhancing customer experience, as the Bank moves towards accelerating the completion of its transactions. It has also raised the efficiency of its digital operations to about 50% during the coming period, after it was able to record a 30% growth in its performance rate during the previous period.

As part of its continued efforts to develop and expand the scope of its digital services platform, Arab National Bank announced rollout of a smart App for its TeleMoney Service. The new launch will empower customers to execute international money transfers instantly online at anytime, anywhere in an easy, and convenient manner, using their smart devices.

Commenting on the launch, ANB’s Managing Director/CEO, Mr. Obaid Alrasheed said: “Launch of this App is part of a package of quality initiatives and steps we are taking to implement our digital transformation strategy and enrich the customer experience, thru introduction of innovative and smart solutions”.  

The new App comes with many cutting-edge technology features to afford users flexibility, simplicity, speed and enhanced control to transfer funds in an instant and secure manner without going thru TeleMoney Centers.

The new TM App supports fast login with the user’s fingerprint or “Face ID”, while maintaining the highest security standards, augmented by a feature that allows users to enable/disable cards used to transfer funds and change their PINs. The App comes with many built in features and a user scope improving the level of control including enabling the user to open a TeleMoney Account and sign up for the service, add beneficiaries, make transfers, top up the account with a MADA Card, pay invoices and settle government payments easily. The App comes bundled with special offers and incentives.

It is worth noting that Arab National Bank is a major provider of international funds remittance services in Saudi Arabia thru its TeleMoney Service which was launched at the outset of 1992. The Service provides customers with multiple transfer options thru ANB’s electronic channels including ATM, TM Express Terminals deployed in TM Centers, ANB Mobile and ANB Net, using a TeleMoney Express or Salary Card, not to mention a network of 86 dedicated TM Centers spanning the Kingdom. Beneficiaries can collect the transfer proceeds thru either of 3 convenient options: credit to the account, cash pickup at the correspondent’s counter or door to door delivery.

Arab National Bank reported a net profit of USD 155.3 million for the first three months of 2021, compared to USD 171.7 million for the same period last year, a decrease of 9.6%.

ANB total operating income for the first three months of 2021 amounted to USD 415.0 million compared to USD 397.2 million for the same period last year, an increase of 4.5%.

Total assets as of March 31, 2021 amounted to USD 47.3 billion, investments to USD 11.5 billion, the loan portfolio to USD 30.8 billion and customer deposits to USD 33.4 billion.

Arab National Bank is pleased to announce results of the 26^th Ordinary General Assembly (1^st Meeting) which was convened at 6.30 pm on Tuesday, 17 Shab’an 1442 H (30 March 2021). The attendance percentage reached (  75.139 %), it being understood that attendance was thru means of modern technology i.e. electronic voting. Results of voting on meeting agenda items were as follows: Note that the results of the vote count of the association are available at the bank (shareholders management) and any shareholder has the right to request and review the minutes

1.Approved Management’s Report on Bank operations for the fiscal year ended 31-12-2020.

2.Approved the bank’s financial statements as of 31/12/2020

3.Approved the Auditor’s Report for the fiscal year ended 31-12-2020

4.Approved discharge of Board of Directors members for the fiscal year ended 31-12-2020

5.Approved the Board of Directors’ recommendation to distribute a cash dividend of SAR 0.40 per share for fiscal year 2020, totaling SAR 600 M, or 4% of the Share Par Value. The eligibility shall be for the shareholders who own the shares at the close of the market on ANB’s General Assembly Meeting day, and who are registered in ANB’s shareholders’ record at the Securities Depository Center (Edaa) on end of the second trading day following the Eligibility Date. Distribution of the cash dividends will start on 12/04/2021.

6.Approved updation of the Audit Committee’s Terms of Reference.

7.Approved disbursement of (SR 4,860,245) as bonus payment to Board members against fiscal year ended 31/12/2020.

8.Approved appointment of auditor(s) of bank accounts from among the candidates based on the recommendation of the audit committee to examine, review and audit the financial statements for the first, second and third quarters and the consolidated annual financial statements of the fiscal year 2021 AD, and the first quarter of the fiscal year 2022 AD, and determine their fees. The auditor(s) are::

• Ernst & Young (EY)
• Al Fozan & Partners (KPMG)

9.Approved delegation of the Ordinary General Assembly’s authority relating to the authorization power vested in the Assembly under Para 1, Article 71 of the Companies Law, to the board of directors for a period of one year starting from the Ordinary General Assembly’s approval date or the end date of the authorized board of directors’ term, whichever occurs earlier, in line with the terms cited under the organizational controls and procedures issued in implementation of the Companies Law which deals with publically listed joint stock companies.

10.Approved the contracts and business dealings between the bank and Takamul Business Services Company (a wholly government owned company and sole operator of Nafith Platform) under the scope of Related Party transactions considering that Mr. Ahmed Mohammed Al Omran (anb board member) also serves as a board member on the afore-mentioned Company’s board of directors (There are no amounts during the year).

11.Approved contracts and business dealings between the bank and Alrashid Trading and Contracting Company Ltd., in which the Board Chairman, Mr. Salah Rashid Alrashid, has an indirect interest, relating to rent of a branch at Alrashid Complex in Alkhobar in the ordinary course of business on no preferential conditions. Contract Term: Annual. Lease Amount: SR 799,006. Contract Expiry Date: 04/09/2021, renewable annually. The Complex applies a “Rent per Square Meter” Policy. The Rent Price is SR 1,216 per square meter.

12.Approved contracts and business dealings between the bank and Al Jabr Investment and Real Estate Company in which Board Member, Mr. Hesham Abdullatif Aljabr, has an indirect interest, relating to Jubail (Downtown) Branch site rental in the ordinary course of business on no preferential conditions. Contract Value: SR 788,000. Contract Expiry Date: 31/05/2021.

13.Approved contracts and business dealings between the bank and Al Jabr Investment and Real Estate Company, in which Board Member, Mr. Hesham Abdullatif Aljabr, has an indirect interest, relating to Almebrez Branch/Alahsa site rental in the ordinary course of business on no preferential conditions. Contract Value: SR 240,000. Contract Expiry Date: 31/08/2021.

14.Approved contracts and business dealings between the bank and Alrashid Trading and Contracting Company Ltd., in which the Board Chairman, Mr. Salah Rashid Alrashid, has an indirect interest, relating to rent of space for 5 ATM sites in the ordinary course of business on no preferential conditions. Contract Term: annual. Total Lease Amount: SR 241,041. Contract Expiry Date: 20/08/2021, renewable annually.

15.Approved contracts and business dealings between the bank and Rashid Abdulrahman Alrashid and Sons Company, in which the Board Chairman, Mr. Salah Rashid Alrashid, has an indirect interest relating to rent of an ATM site located at Takhassusi Road/Telecommunications Complex, in the ordinary course of business on no preferential conditions. Contract Term: 5 years. Annual Lease Amount: SR 45,000. Contract Expiry Date: 30/04/2023, renewable annually.

16.Approved contracts and business dealings between the bank and Al Jabr Investment and Real Estate Company, in which Board Member, Mr. Hesham Abdullatif Aljabr, has an indirect interest, relating to rent of an ATM site opposite to Aljabr Refreshments Factory at Almebrez, Oyoun Road in the ordinary course of business on no preferential conditions. Annual rent: SR 48,000. Contract Expiry Date: 30/06/2021.

17.Approved contracts and business dealings between the bank and Abana Projects Group Company, in which Board Chairman, Mr. Salah Rashid Alrashid, has an indirect interest, relating to maintenance charges and purchase cost of cash counting machines for the branches and head office (purchase to be conducted on “as needed basis” on competitive prices and specifications) in the ordinary course of business on no preferential conditions. Total amount of business dealings with the company in 2020: SR 2,125,000, renewable annually.

18.Approved contracts and business dealings between the bank and Alkhaleej Training and Education Company, in which Board Chairman, Mr. Salah Rashid Alrashid, has an indirect interest, relating to manpower supply agreement (labor services) in the ordinary course of business on no preferential conditions, on annual contract basis. Total value of business dealings in 2020: SR 28,952,000 (contract amount dependent on numbers and quality of manpower provided).

19.Approved contracts and business dealings between the bank and Riyadh Business Gate Company in which the CEO of Arab National Bank Invest Company (ANB Invest), Mr. Bassam Rashid Al Mubarak, has a direct interest, being rental of a bank branch site at the Business Gate in the ordinary course of business on no preferential conditions. Contract Term: 5 years. Annual Rental: SR 759,000. Contract Expiry Date: 30/09/2022.

20.Approved contracts and business dealings between the bank and the Saudi Financial Support Services Company (SANID) in which the Head of Retail Bank, Mr. Fahad A. Al-Kadi, has an indirect interest, as SANID’s Board Chairman, relating to cash pickup and delivery. Dealings are conducted on “as needed basis” in the ordinary course of business on no preferential conditions. Contract Term: one year expiring on 31/10/2020, renewable automatically. Total amount of business dealings with the company in 2020: SR 15,890,000.

21.Approved contracts and business dealings between the bank and Al Jabr Holding Group in which Board Member, Mr. Hesham Abdullatif Aljabr, has both a direct and indirect interest, relating to credit facilities which are subject to controls cited under the Banking Control Law and Saudi Central Bank’s guidelines (as stated in the bank’s annual report for 2020). The total amount of facilities extended for 2020 was SR 2,027,519,000. Facility line extended in the ordinary course of business on no preferential conditions.

22.Approved contracts and business dealings between the bank and Astra Group in which the Board Chairman of Arab Bank plc/Jordan (foreign partner), Mr. Sabeeh Al Masri, has an indirect interest, relating to credit facilities which are subject to controls cited under the Banking Control Law and Saudi Central Bank’s guidelines (as stated in the bank’s annual report for 2020). The total amount of facilities extended for 2020 was SR 1,256,398,000. Facility line extended in the ordinary course of business on no preferential conditions.

23.Approved contracts and business dealings between the bank and Al Touk Group in which the Board Member, Mr. Abdul Mohsen Ibrahim Al Touk, has an indirect interest, relating to credit facilities which are subject to controls cited under the Banking Control Law and Saudi Central Bank’s guidelines (as stated in the bank’s annual report for 2020). The total amount of facilities extended for 2020 was SR 234,248,000. Facility line extended in the ordinary course of business on no preferential conditions.

24.Approved contracts and business dealings between the bank and Salah Rashid Alrashid Group in which the Board Chairman, Mr. Salah Rashid Alrashid, has an indirect interest, relating to credit facilities which are subject to controls cited under the Banking Control Law and Saudi Central Bank’s guidelines (as stated in the bank’s annual report for 2020). The total amount of facilities extended for 2020 was SR 4,098,246,000. Facility line extended in the ordinary course of business on no preferential conditions.

25.Approved contracts and business dealings between the bank and the Heirs of Homoud Alobaid Al Rasheed as Mrs. Maha (d/o) Homoud Obaid Al Rasheed and Spouse of Chief Executive Officer, Mr. Obaid A. Al Rasheed (Related Party), holds a share of the property being rental of a site for Dhabab Branch in the ordinary course of business on no preferential conditions. Contract Term: 5 years. Annual Rent: SR 475,000. Contract Expiry: 30/04/2024.

26.Approved contracts and business dealings between the bank and Walaa Cooperative Insurance Company in which Board Member, Mr. Hesham Abdullaif Aljabr, has an indirect interest considering that he represents the bank on the board of directors of Walaa Cooperative Insurance Company, relating to renewal of Marine Shipping Insurance Policy (Policy Term: 1 year starting on 01/04/2020 and ending on 31/03/2021; overall insurance premium: SR 369,947) in the ordinary course of business on no preferential conditions.

27.Approved contracts and business dealings between the bank and Walaa Cooperative Insurance Company in which Board Member, Mr. Hesham Abdullaif Aljabr, has an indirect interest considering that he represents the bank on the board of directors of Walaa Cooperative Insurance Company, relating to renewal of Private Auto Fleet Insurance Policy (Policy Term: 1 year starting on 01/04/2020 and ending on 31/03/2021; overall insurance premium: SR 23,231 in the ordinary course of business on no preferential conditions.

28.Approved contracts and business dealings between the bank and Walaa Cooperative Insurance Company in which Board Member, Mr. Hesham Abdullaif Aljabr, has an indirect interest considering that he represents the bank on the board of directors of Walaa Cooperative Insurance Company, relating to renewal of Commercial Fleet Insurance Policy (Policy Term: 1 year starting on 01/04/2020 and ending on 31/03/2021; overall insurance premium: SR 140,096 in the ordinary course of business on no preferential conditions.

29.Approved contracts and business dealings between the bank and Walaa Cooperative Insurance Company in which Board Member, Mr. Hesham Abdullaif Aljabr, has an indirect interest considering that he represents the bank on the board of directors of Walaa Cooperative Insurance Company, relating to renewal of Property All Risk Insurance Policy (Policy Term: 1 year starting on 01/06/2020 and ending on 31/05/2021; overall insurance premium: SR 672,157 in the ordinary course of business on no preferential conditions.

30.Approved contracts and business dealings between the bank and Walaa Cooperative Insurance Company in which Board Member, Mr. Hesham Abdullaif Aljabr, has an indirect interest considering that he represents the bank on the board of directors of Walaa Cooperative Insurance Company, relating to renewal of Property Terrorism Risk Insurance Policy (Policy Term: 1 year starting on 01/06/2020 and ending on 31/05/2021; overall insurance premium: SR 153,010 in the ordinary course of business on no preferential conditions.

31.Approved contracts and business dealings between the bank and Walaa Cooperative Insurance Company in which Board Member, Mr. Hesham Abdullaif Aljabr, has an indirect interest considering that he represents the bank on the board of directors of Walaa Cooperative Insurance Company, relating to renewal of Directors and Staff Liability Insurance Policy (Policy Term: 1 week starting on 01/07/2020 and ending on 07/07/2020; overall insurance premium: SR 11,905 in the ordinary course of business on no preferential conditions.

32.Approved contracts and business dealings between the bank and Walaa Cooperative Insurance Company in which Board Member, Mr. Hesham Abdullaif Aljabr, has an indirect interest considering that he represents the bank on the board of directors of Walaa Cooperative Insurance Company, relating to renewal of Directors and Staff Liability Risk Insurance Policy (Policy Term: 1 year starting on 08/07/2020 and ending on 07/07/2021; overall insurance premium: SR 663,000 in the ordinary course of business on no preferential conditions.

33.Approved contracts and business dealings between the bank and Walaa Cooperative Insurance Company in which Board Member, Mr. Hesham Abdullaif Aljabr, has an indirect interest considering that he represents the bank on the board of directors of Walaa Cooperative Insurance Company, relating to renewal of Third Party Liability Insurance Policy (Policy Term: 1 year starting on 01/06/2020 and ending on 31/05/2021; overall insurance premium: SR 34,025 in the ordinary course of business on no preferential conditions.

34.Approved contracts and business dealings between the bank and Walaa Cooperative Insurance Company in which Board Member, Mr. Hesham Abdullaif Aljabr, has an indirect interest considering that he represents the bank on the board of directors of Walaa Cooperative Insurance Company, relating to renewal of Employee Group Life Insurance Policy (Policy Term: 1 year starting on 01/06/2020 and ending on 31/05/2021; overall insurance premium: SR 1,451,789 in the ordinary course of business on no preferential conditions.

35.Approved contracts and business dealings between the bank and Walaa Cooperative Insurance Company in which Board Member, Mr. Hesham Abdullaif Aljabr, has an indirect interest considering that he represents the bank on the board of directors of Walaa Cooperative Insurance Company, relating to renewal of Mortgage Credit Insurance Policy based on number of housing loans as on period end (Policy Term: 1 year starting on 01/10/2020 and ending on 30/09/2021; overall insurance premium: SR 4,545,847 in the ordinary course of business on no preferential conditions.

36.Approved contracts and business dealings between the bank and Walaa Cooperative Insurance Company in which Board Member, Mr. Hesham Abdullaif Aljabr, has an indirect interest considering that he represents the bank on the board of directors of Walaa Cooperative Insurance Company, relating to renewal of Consumer Auto Financial Lease Fleet Insurance Policy (on monthly basis covering auto financial lease loans portfolio)(Policy Term: 1 year starting on 01/06/2020 and ending on 31/05/2021; overall insurance premium: SR 23,624,751 in the ordinary course of business on no preferential conditions.