FINANCIALS SECTOR
Banque Saudi Fransi
PROUDLY SAUDI
Banque Saudi Fransi
- www.alfransi.com.sa/english/
- Year company founded: 1977
- Number of employees: 2,581
- Market capitalization: SAR 38.1 billion
Banque Saudi Fransi (BSF) was established in 1977 and is the second oldest bank in the Kingdom, with three regional offices in Jeddah, Riyadh and Al Khobar. Over the years, the bank achieved sustainable growth in the Saudi market resulting in the current employment of approximately 3,000 employees and retention of one million retail clients. Its domestic offering includes a range of products and services in corporate, private and retail banking businesses.
Rayan M. Fayez
Managing Director & CEO
BSF views itself as a modern and innovative financial institution that is fully geared to meet the demands and opportunities of the next generation. Rayan Fayez, BSF’s MD& CEO, said, “Our mission is to be the most modern, innovative, and experience focused bank in the region. We intend to achieve this by integrating a more digitally focused business model into our strategy.”
BSF plays a crucial role in Saudi’s Vision 2030 by enabling growth in the finance sector. “The rapid evolution of the banking sector in Saudi brings both challenges and opportunities, which will only allow us to further grow as a bank. However, opportunities in digital banking and innovative financial services will disrupt the market. There is no more of an exciting market in this region than Saudi Arabia,” continued Fayez.
The rapid evolution of the banking sector in Saudi brings both challenges and opportunities, which will only allow us to further grow as a bank
BSF has adopted the latest technologies as part of its business model transformation, which is viewed as critical to the future development of the banking industry. Highlighting the introduction of these new technologies, Fayez said “The bank is investing heavily in technology to develop the best products and services. We are working toward becoming the Saudi bank of the future.”
The bank has an in-house digital lab that is developing new products and services, which it will shortly roll out to deliver a more personalized user experience, satisfying customer needs. BSF is also undertaking strategic partnerships and making investments that will support its ambition to become the partner of choice in the Saudi Fintech ecosystem.
While BSF has a long track record of success as the Kingdom’s second oldest bank, Fayez is clear that its future will not be secured by solely looking to the past. “For BSF, I’ve learned that surviving and thriving in today’s environment depends on being clear in our purpose and mission, living and breathing our values and being agile in our execution,” he said. Moreover, the Chief Executive heaps praise on his employees and their role in supporting customers. “As we move into more digital business models, at BSF we still retain the view that banking is a people business and we are relentless in our pursuit of the best customer experience. I objectively believe we have the best people in the industry.”
Corporate social responsibility is fully integrated into BSF’s business operations with a view to deliver long-lasting shared value for society. It is enhancing its current framework to allow the bank to better measure the impact of its sustainability initiatives on stakeholders and its own bottom line, demonstrating that sustainability can support communities as well as shareholders.
Fayez outlines the fundamentals underpinning his strategic vision. “It is becoming increasingly clear that sustainable purpose-driven business is not only crucial for us but for business itself,” Fayez said. “I want us to be a model for the future of banking in the region leading the way on diversity and inclusion.”
Over its 42-year history, Banque Saudi Fransi has been a cornerstone of the Saudi banking sector, providing financial advisory and services fundamental to the sustainable growth of the Kingdom’s economy.
It provides a wide range of financial services, including corporate, private and retail banking and Shariah-compliant products and services. It also offers investment banking, asset management and investment funds, and brokerage services through its subsidiary Saudi Fransi Capital.
The rapidly evolving Saudi banking sector presents both challenges and opportunities as innovative financial services disrupt the market. Banque Saudi Fransi is investing heavily in technology to provide the best products and services with the aim of becoming the Saudi ‘bank of the future.’ It is placing strategic bets on new business models and has become a leading player in the Saudi fintech ecosystem.
As the Vision 2030 strategy continues to transform the national economy, banks – including Banque Saudi Fransi – play a crucial role in enabling growth through Vision Realization Programs. These drive initiatives aimed at creating a vibrant society, thriving economy and ambitious nation and to support them the bank has created a dedicated VRO team within corporate banking.
Banque Saudi Fransi takes particular pride in the Saudi identity of its leadership team, which is led by a Saudi MD & CEO and includes experienced industry leaders. It has a longstanding Banker Associate Program to develop future leaders. Corporate social responsibility is at the heart of the bank’s strategy and it has embraced its role in addressing some of the pressing challenges related to the environment, society and governance. It has succeeded in achieving ambitious Saudization and diversity goals, with women accounting for 14 percent of its workforce, and Saudi nationals 91 percent.
As investors look beyond the oil and gas sector for other Saudi gems, Banque Saudi Fransi aims to position itself as an investor darling among Saudi banks.
A pioneering spirit runs deep at Banque Saudi Fransi.Stretching back to the days when BSF was created withthe intention of improving the lives of the Kingdom’spilgrims, the company’s history is steeped in progress andinnovation. This is the company’s heritage - its DNA.
Fast forward to today, it is these very same attributes that underpin its overriding ambition: being the most modern, innovative and experience-focused bank in the region.
At BSF, the focus is on embracing change. The company is dedicated to challenging the status quo and looking for new ways of doing business. Its approach is simple: the company wants to redefine banking through human-centric design.
1 million retained retail clients
Banque Saudi Fransi understands that the future of banking in a digital age demands change. But even during this time of industry transition, the company’s focus on people and their banking needs remains constant. It is leveraging pools of data to build a holistic view of the opportunities to improve on its products, services, operations, processes and technologies. Understanding its customers better is critical and incorporating new behaviors and trends into its latest solutions and experiences is what keeps it at the vanguard of the Kingdom’s banking industry.
Fostering innovation is a key ingredient in Banque Saudi Fransi’s culture. The company values the ideas of its employees and champions their successes. This is important in creating an environment that encourages dialogue and discovery. Through the company’s intellectual curiosity, healthy discourse, and disruptive thinking, it is helping bring BSF’s vision to life.
As a good corporate citizen, Banque Saudi Fransi recognizes its role in promoting the welfare of the community. This is why the company has such a great focus on its social impact. It believes that providing financial inclusion through digital channels not only benefits its business, it also serves society as a whole. The company strives to be even more inclusive, more innovative and more courageous in everything it does. By doing so, it aims to stay true to BSF’s enduring legacy in an ever changing Saudi Arabia.
Saudi nationals accounted for 92% of Banque Saudi Fransi’s employees in 2020