Best bank: SAB (Saudi Awwal Bank)
Saudi Awwal Bank (SAB) achieved strong growth in 2025, especially in the corporate segment, confirming its positioning as the leading international bank in Saudi Arabia. The bank delivered sustainable returns, market share gains and leadership in digital and ESG in 2025. With gross customer loan growth of 15% year-on-year, SAB achieved a third consecutive year of faster-than-market loan growth, with SAB still expanding ahead of the sector.
In corporate and institutional banking, SAB successfully leverages the wider capabilities of the HSBC group to deliver for clients. It has market share of around 24% in the trade market and around 12% for corporate lending. In 2025, the bank continued to support large domestic corporates, multinational clients and Saudi Vision 2030-linked infrastructure sectors.
In wealth and personal banking, SAB reached 1.7 million customers, focusing on upper-mass, affluent and expatriate segments, where its proposition is strongest. Digital execution has strengthened the model, with 93% digital registration and more than a million active digital users benefitting from materially faster onboarding and servicing.
SAB continued to innovate and build capabilities for customers in 2025. The bank launched its Innovation Centre, commercialised 18 ideas, completed 29 strategic experiments, expanded digital onboarding across retail, SME and corporate banking, and improved customer journeys in mortgages, payments and financial management. It also exceeded its sustainable finance ambition, ending 2025 with SAR45 billion in sustainable finance and investments, alongside two green-labelled issuances and Saudi Arabia’s first green mortgage.
Best digital bank: SAB (Saudi Awwal Bank)
Saudi Awwal Bank (SAB) continues to exemplify a clear leader for digital banking in Saudi Arabia, underpinned by an execution-led strategy and measurable, market‑leading outcomes.
Execution over the review period has been broad and customer-centric. For consumers, SAB has delivered fully digital onboarding, digital wallets, Google Pay integration, revamped personal finance journeys, advanced personal financial management through SAB 360°, and a comprehensive mobile app refresh.
Innovative propositions such as “Send Now, Pay Later”, family banking, domestic worker salary accounts, rewards-based payments and personalised gifting demonstrate a nuanced understanding of local needs and behaviours. These initiatives have driven material migration from branches, with digital onboarding reaching 90% and digital adoption climbing to 73% by November 2025.
SAB’s impact in business banking is equally compelling. Its fully digital business account onboarding platform has increased demand, while automated digital know-your-customer has accelerated processing by 40%. For SMEs, the digital credit platform consolidates fragmented legacy systems into a single, end-to-end lending engine, cutting application creation time by about 87%, reducing manual inputs by more than 60%, and enabling faster access to funding through deep government and ecosystem integrations.
At the corporate and trade level, SAB has enhanced iCorp and SABConnect with real-time FX, mobile approvals, straight-through supply-chain finance and accelerated trade processing, reinforcing its leadership across segments.
Collectively, SAB’s multifaceted, regionally attuned digital transformation delivers scale, efficiency and superior customer outcomes – making it a compelling winner for best digital bank in Saudi Arabia.
Best bank for ESG: SAB (Saudi Awwal Bank)
Saudi Awwal Bank’s (SAB) distinction as the country’s best bank for environmental, social and governance (ESG) in 2025 rests on three pillars: capital markets leadership; a sustainable finance portfolio that surpassed its three-year SAR34 billion target; and an ESG governance infrastructure that is reshaping how sustainability is defined and measured across the Saudi banking sector.
In May 2025, SAB issued a $650 million green-labelled additional tier-1 (AT1) sukuk under its $5 billion programme, the first green AT1 sukuk issued by a bank in Saudi Arabia, validated by a second-party opinion from S&P Global. Three months later, it followed with a $1.25 billion tier-2 green bond. Together, the two transactions significantly expanded SAB’s access to international ESG-focused capital.
On the lending side, SAB’s Corporate and Institutional Banking provided around SAR4.5 billion of incremental support in 2025 to solar photovoltaic (PV) projects and green infrastructure including electric vehicle (EV) manufacturing facilities and Leadership in Energy and Environmental Design (LEED)-certified buildings.
The bank also reviewed existing portfolio assets through a second-party opinion process, certifying a social finance asset base of around SAR17 billion covering government-subsidised housing, SME lending under the Kafalah programme and public school funding.
New retail sustainable products launched in 2025 included Social and Green Mortgages – making SAB the first bank to sign an agreement with Mostadam, the Saudi Ministry of Housing’s green building rating system – while the Green Deposit product recorded 23% year-on-year growth in 2025.
Operationally, SAB has planted 900,000 of a one-million mangrove target, purchased 115,000 carbon credits in Saudi Arabia’s inaugural carbon credit auction and installed solar PV systems across nine branches.
SAB’s ESG infrastructure runs deep. The bank’s CEO chairs SAMA’s ESG Saudi Banks Advisory Committee, positioning SAB at the centre of Saudi Arabia’s regulatory ESG development.
Best investment bank: HSBC
Saudi Arabia’s investment banking market in 2025 was defined by complexity – larger transactions, more varied issuers and a growing need for integrated execution across advisory, capital markets and financing. HSBC delivered consistently across all three.
The bank was at the centre of the Kingdom’s most significant transactions. Its role advising Saudi Aramco on the $8.9 billion acquisition of an additional stake in Petro Rabigh stands out – not just for scale but for structural innovation. The transaction introduced a dual-class share framework for a Tadawul All-Share Index (TASI)-listed company, requiring close regulatory engagement and setting a new precedent for corporate restructuring in the Kingdom.
In equity capital markets (ECM), HSBC delivered equally notable outcomes. It led the IPO of Derayah, the first capital markets institution to list on Tadawul, expanding the breadth of listed financial sector issuers. It also executed the tightest discount ever seen in an accelerated bookbuild in the Saudi market, demonstrating strong investor demand and disciplined execution under challenging conditions.
These transactions highlight a broader trend. Saudi Arabia’s capital markets are becoming more diverse, with increasing participation from private sector issuers and more sophisticated capital structures. HSBC’s role has been to facilitate that evolution, not just participate in it.
The bank’s strength lies in integration. It remains the leading debt capital markets (DCM) house in Saudi Arabia while maintaining strong positions in ECM and advisory. This enables it to deliver across the full transaction lifecycle – from strategic advice to financing and market execution.
Underlying this is platform depth. HSBC operates the largest international investment banking franchise in the Kingdom, supported by extensive on-the-ground coverage and global sector expertise. Mohammed Fannouch, managing director and co-head of capital markets and advisory, MENAT, emphasises that this combination allows HSBC to act as both a local and international partner to clients.
Cross-border capital flows are increasingly important. Saudi Arabia is now a net importer of capital, with growing participation from Asian and international investors. HSBC’s global connectivity allows it to intermediate those flows effectively, linking Saudi issuers with diversified sources of liquidity. Client relationships reinforce this model. Large sovereign, corporate and financial institution clients consistently return across multiple transactions and products.
Best investment bank for ECM: SNB Capital
SNB Capital stands out in Saudi Arabia’s equity capital markets, combining scale, market share and a consistent ability to deliver complex transactions across a rapidly evolving landscape.
As one of the Kingdom’s largest capital markets institutions, it has built a franchise that spans IPOs, rights issues and follow-on offerings, supported by deep local expertise and strong investor distribution.
The firm’s recent activity speaks for itself, topping SAR110 billion ($29.3 billion) across 29 deals since 2021. Its position in 2025 reinforced its leadership: SNB Capital captured 48% of the market share as a lead manager, according to Argaam. The bank’s own analysis claims more than 70% of the IPO and follow-on market in 2025 alone, with several landmark and first-of-their-kind deals.
The bank has advised on major IPOs such as the SAR1.2 billion offering for Nice One, described as the first unicorn IPO on the Saudi market, alongside a steady pipeline of listings across sectors including healthcare, education and real estate.
SNB Capital also continues to shape market practice. Its role on ACWA Power’s SAR7.1 billion rights issue introduced new structuring and pricing approaches, including pricing at the extraordinary general assembly, helping to set new benchmarks for Saudi equity offerings.
More broadly, the firm has completed 17 IPOs since 2021 and played a significant role in developing the Kingdom’s IPO framework and enhancing regulatory processes.
Underpinning this performance is a powerful distribution platform and underwriting capability. With the capacity to underwrite transactions of up to SAR8.5 billion and longstanding relationships across institutional and retail investors, SNB Capital consistently delivers strong placement outcomes, even in challenging market conditions.
Best investment bank for DCM: HSBC
Saudi Arabia’s debt capital markets (DCM) in 2025 were defined less by volume alone and more by how issuance is structured, distributed and executed. HSBC led across each of these dimensions.
The bank retained its position as the leading DCM house in the Kingdom, ranking number-one across bonds and sukuk while maintaining leadership in mandated lead arranger league tables. But its differentiation lies in the quality and composition of its activity.
Sovereign issuance provides the clearest example. HSBC played a leading role in Saudi Arabia’s dual-tranche sukuk under its newly established programme, delivering strong demand and tight pricing while introducing enhanced structural frameworks for Islamic finance. These transactions represent a step forward in standardising issuance across jurisdictions.
Sukuk remains the bank’s core strength. HSBC has consistently led the structuring of complex Shariah-compliant instruments, supporting issuers such as the sovereign, Public Investment Fund and major corporates. Repeated mandates from these borrowers underline its execution credibility and structuring expertise.
Execution technique has also evolved. In 2025, intraday issuance became increasingly common, with sovereign and quasi-sovereign borrowers adopting accelerated execution formats to reduce exposure to market volatility. HSBC played a central role in advising on and delivering these transactions, demonstrating how execution strategy itself can enhance outcomes.
That edge is reflected in transactions such as the $2.25 billion sustainability-linked murabaha for Al Rajhi Bank, which attracted strong global demand and was significantly upsized at closing.
Investor diversification is another key theme. HSBC has broadened access to Asian and European capital pools, increasing participation across benchmark deals and improving pricing outcomes. As global investors continue to allocate to Saudi credit, this connectivity has become a core strength.
Innovation has complemented scale. The bank structured Saudi Arabia’s first residential mortgage-backed securities (RMBS) transaction, introducing securitisation as a viable asset class in the domestic market and expanding the financing toolkit available to issuers.
HSBC’s DCM franchise is therefore defined not just by market share but by its role in shaping how the market operates – across structure, execution and distribution.
Best investment bank for M&A: JPMorgan
Saudi Arabia saw some of the most consequential M&A transactions of 2025 and JPMorgan was at the heart of the market. The bank was ranked number one in MENA M&A wallet by Dealogic with a 12% market share – its third consecutive year at the top – and nowhere was that leadership more evident than in the Kingdom.
The defining transaction was the $55 billion take-private of Electronic Arts (EA), advised on behalf of the PIF-led consortium including Silver Lake and Affinity Partners. One of the largest take-privates in corporate history, it represents the culmination of JPMorgan’s sustained advisory relationship with PIF’s gaming vehicle Savvy, for which the bank has advised on multiple prior acquisitions in the sector. The EA deal represents a structural statement about Saudi Arabia’s ambitions in gaming and esports, and JPMorgan’s role in delivering it reflects the seniority of its access to the Kingdom’s most important decision makers.
Beyond the headline, the breadth of the Saudi M&A mandate is equally telling. JPMorgan advised SALIC on its 45% stake purchase in Olam Agri for $1.9 billion, navigating multi-jurisdictional antitrust processes and complex financing structures.
It advised on the Thiqah-Elm consolidation, a PIF portfolio optimisation requiring careful engagement with regulators given Elm’s listed status. And it advised Al-Futtaim on its acquisition of a stake in Cenomi Retail, creating a cross-border platform connecting UAE retail expertise to the Saudi consumer market.
The common thread is the bank’s positioning at the intersection of the Kingdom’s Vision 2030 and global capital markets. Whether the mandate involves a sovereign wealth fund deploying outbound capital, a PIF portfolio company consolidating or international capital coming into the Kingdom, the bank has consistently been the adviser of choice. Its model, integrating product, sector and regional coverage teams on every mandate, ensures that Saudi clients receive the full weight of the JPMorgan platform, not just a local team.
Best investment bank for financial restructuring: Riyad Capital
Riyad Capital stands out for delivering a landmark, first-of-its-kind restructuring solution that expanded Saudi Arabia’s capital structure toolkit.
The firm advised on Petro Rabigh’s $1.4 billion Class B equity issuance, completed in October 2025, the first issuance of its kind in the Kingdom, designed to address complex capital structure, governance and liquidity challenges.
The transaction required extensive coordination with regulators and stakeholders, with Riyad Capital working closely with the Capital Markets Authority (CMA) and the Tadawul to enable a new share-class framework, helping design and refine amendments to the Rules on the Offer of Securities and Continuing Obligations (ROSCOs).
This was not a standard recapitalisation. The solution combined restructuring objectives with capital markets innovation, introducing a differentiated equity structure that preserved shareholder alignment while strengthening the balance sheet.
Sustained senior-level engagement with Petro Rabigh allowed the bank to tailor the structure around the client’s ownership, governance and funding priorities, reinforcing its position as a preferred adviser for complex balance-sheet solutions.
The result was a precedent-setting transaction that broadened the range of restructuring tools available to Saudi corporates facing balance-sheet stress, set against a backdrop of tightening liquidity and heightened valuation sensitivity across the market.
Riyad Capital’s approach reflects a broader advisory capability focused on early intervention, balance-sheet optimisation and stakeholder-aligned solutions. Its ability to navigate regulatory complexity and deliver bespoke structures positions it as a leading adviser for high-impact restructuring mandates and a contributor to the evolution of Saudi financial-structuring standards.
Best investment bank for financing solutions: HSBC
Financing in Saudi Arabia is becoming more complex – larger transactions, multi-layered structures and increasing reliance on global liquidity. HSBC’s ability to deliver across this complexity has defined its leadership in 2025.
The bank led the Kingdom’s financing league tables, ranking number-one among mandated lead arrangers and delivering a broad pipeline across loans, structured finance and hybrid capital. This reflects both scale and the breadth of its financing capabilities.
The standout transactions illustrate that range. HSBC acted as joint global coordinator on Al Rajhi Bank’s $2.26 billion sustainability-linked murabaha facility, one of the largest Islamic financings globally. The deal was more than twice oversubscribed and attracted participation from a diversified group of international lenders, demonstrating the strength of HSBC’s distribution platform.
Infrastructure financing is another pillar. HSBC played a leading role in the $10.4 billion acquisition financing for the Jafurah Midstream gas facilities and supported large-scale solar developments totalling 12GW of capacity – transactions central to Saudi Arabia’s energy transition and Vision 2030 objectives. These deals required complex structuring, long-tenor funding and coordination across multiple stakeholders.
Innovation has been equally important. HSBC structured the Kingdom’s first residential mortgage-backed securities (RMBS) transaction, creating a new securitisation market and enabling additional sources of funding for housing finance. Such transactions expand the financing landscape beyond traditional bank lending and public debt.
The bank has also developed a strong private placement platform, allowing issuers to access targeted pools of liquidity beyond conventional markets. This has become increasingly relevant as clients seek more tailored funding solutions.
Global connectivity underpins these capabilities. HSBC’s international network enables Saudi issuers to access liquidity from Asia, Europe and global institutional investors, improving execution certainty and diversification.
Relationships remain central. HSBC continues to support the same core group of sovereign, financial institution and corporate clients across multiple financing programmes.
In a market evolving rapidly in scale and complexity, HSBC’s ability to structure, distribute and execute across the full spectrum of financing solutions continues to set it apart.
Best for research: SNB Capital
SNB Capital’s research platform stands out for its combination of breadth, consistency and increasingly sophisticated delivery, positioning it as the most influential domestic research house in Saudi Arabia.
Its franchise is built on sustained coverage across the Tadawul, coupled with high-frequency publication that supports institutional and retail investor decision-making.
The scale of output is a key differentiator. SNB Capital produces more than 1,900 research reports annually, covering over 100 listed companies and representing more than 70% of the Tadawul’s free-float market capitalisation and over 90% of its sectors.
SNB Capital is the largest host of earnings calls in Saudi Arabia, running 400+ corporate access meetings and conferences annually, and positioning itself as a leader in pre-IPO research and pre-deal investor education (PDIEs).
This breadth is complemented by continuous publication across earnings notes, sector updates, macro commentary and thematic research, ensuring consistent engagement with market developments and maintaining relevance across market cycles.
Beyond equities, the platform extends into fixed income, real estate investment trusts (Reits) and thematic analysis, reflecting the evolving structure of Saudi capital markets. The firm has also developed differentiated research products – including monthly investor trackers, securities borrowing and lending (SBL) analysis, and detailed regulatory and macroeconomic reports – supporting a deeper analytical framework for clients.
Distribution and accessibility further reinforce its impact. The launch of the SNB Capital Research portal in 2025 provides a centralised digital hub with real-time updates, personalised dashboards and integrated data, broadening client reach and improving usability.
Best for securities services: HSBC
Saudi Arabia’s capital markets are entering a new phase of scale and sophistication, marked by rising foreign participation, broader asset-class coverage and increasing global relevance. HSBC has been closely aligned with that progression, supporting the expansion of investor activity and the strengthening of market infrastructure.
As Saudi Arabia’s best for securities services, HSBC delivered a year in which custody growth and market development have moved in lockstep.
The bank’s leadership is anchored in its ability to capture international investor flows. As Saudi Arabia increases its weighting in global indices and attracts more foreign capital, HSBC continues to service a large share of qualified foreign investor participation, supporting global asset managers allocating across the Kingdom and wider GCC.
This growth is structural. Assets under custody have expanded alongside broader market inflows, underpinned by strong onboarding momentum and deep relationships with institutional clients. Crucially, HSBC has converted these flows into long-standing mandates, reinforcing its role as a core provider of post-trade services for international investors in Saudi assets.
Beyond scale, HSBC’s influence is most evident in market infrastructure. The bank has played a critical role in refining operational frameworks – improving settlement processes, supporting more efficient account structures and contributing to the continued development of securities lending.
Securities borrowing and lending is particularly important. As liquidity deepens and trading sophistication increases, SBL has become central to price formation and market efficiency. HSBC’s leadership in this space places it at the centre of market functioning, not just servicing.
Execution remains a key differentiator. The bank combines one of the largest local operations teams with global custody infrastructure, ensuring consistency, resilience and scalability as volumes increase.
That local footprint is strategic. As Samer Deghaili, co-head of capital markets and advisory, MENAT, notes: “Doing more on the ground servicing for our client does pay off.” In Saudi Arabia’s rapidly evolving market, proximity to clients, regulators and infrastructure is increasingly decisive.
HSBC’s leadership in Saudi securities services is therefore defined not just by custody balances but by its role in supporting and shaping the next phase of the Kingdom’s capital markets development.
Best retail bank: ANB
Retail banking performance in 2025 at Arab National Bank (ANB) was underpinned by a customer‑centric strategy that prioritised agility, portfolio diversification and service quality.
The bank expanded its retail product suite to better serve mass-market and affluent customers, targeting different segments of the population. Mortgage financing grew by more than 15%, supported by partnerships with major housing projects and collaboration with the Saudi Real Estate Refinance Company, via an originate-to-sell model for some segments and including a SR300 million ($80 million) asset sale.
Auto leasing and personal lending were also enhanced through longer tenors, refinancing options and more flexible repayment structures.
Product innovation extended across liabilities and cards. The bank introduced new savings and time-deposit offerings, including Shariah-compliant products such as an advance profit payment feature for Islamic time deposits and ZAD Time Deposit, a zakat-paid sukuk-based product.
Card partnerships were expanded to deliver more targeted benefits and exclusive privileges, while the loyalty programme continued to support asset and liability growth across the retail franchise.
Investment in distribution and customer experience, including a redesigned customer relationship management system, was a defining feature of the year. ANB relocated five branches to more strategic locations and upgraded eight others, alongside opening a new dedicated wealth management centre in the Eastern Region.
These physical upgrades complemented digital progress, including a mobile application that now enables customers to open and activate accounts more rapidly, while accessing services such as auto leasing, youth accounts and government-linked savings programmes.
Best personal investing platform: Sahm Capital
Sahm Capital Financial Company has focused heavily on widening retail participation in Saudi Arabia’s capital markets through speed, accessibility and education. Its Sahm app allows users to move from download to a completed application in under three minutes, with many accounts approved within an hour through automated verification.
This approach has driven rapid adoption. The platform reported more than one million users within its first year of operation (2024) and reported over 1.5 million registered users, 3.3 million cumulative active users by late 2025, with 120,000 average daily active users – underlining its position as a major retail brokerage platform in the Kingdom.
Product development has focused on locally relevant investing needs. Sahm integrates Saudi equities trading with real-time market data, simplified order placement and local stock screening tools designed for first-time investors. It also highlights Shariah compliant opportunities, helping users discover suitable investments without requiring advanced technical knowledge. The platform additionally offers seamless access to US markets, including instant SAR-USD conversion and advanced charting through TradingView integration.
User experience has been a consistent investment area. Multiple UX enhancements have simplified navigation, portfolio visualisation and trading flows, while mobile performance optimisation supports stable use during peak trading hours. These changes have improved engagement and retention, supported by real-time portfolio tracking and clear profit-and-loss displays.
Sahm has complemented execution quality with a strong education offering. In-app explainers, structured courses through Sahm Academy, simulators and workshops aim to build long- term investor capability and confidence.
Best for consumer lending: Saudi Finance Company
Saudi Finance Company’s multi-channel engagement model sets it apart for consumer lending in the market. Its approach combines digital distribution with carefully selected employer and retail partnerships, allowing the lender to reach customers in relevant and trusted environments while maintaining consistent underwriting standards, disclosures and governance.
Strong use of digital channels reduces application friction and improves tracking and account management, while partnership-led distribution helps capture demand at the point of need and supports efficient acquisition. This focus on speed and service quality runs from onboarding through approval, disbursement and ongoing support. The result is a distribution and servicing model that improves convenience for borrowers, raises completion and engagement rates, and supports controlled, sustainable expansion for the company.
Another key area of outperformance is the firm’s emphasis on responsible financial inclusion. Its strategy explicitly aims to broaden access to credit by aligning eligibility, pricing and repayment structures with customers’ real financial capacity, allowing the firm to serve a wider pool of qualified borrowers – including first-time customers – without weakening underwriting discipline.
Instead, inclusion is expanded through better execution. In 2025, the firm invested in modernised credit assessment, enhanced data analytics and streamlined digital onboarding, which helped to reduce friction and shorten approval cycles, making finance more accessible in a controlled way.
Best bank for SMEs: Riyad Bank
Riyad Bank has established itself as one of Saudi Arabia’s most influential SME financial partners. Through a multi-year strategy focused on expanding access to finance, building a broader support ecosystem and investing heavily in digital capabilities, the bank has steadily increased its SME market share since 2019.
A defining feature of Riyad Bank’s approach has been its commitment to financing underserved and high-growth sectors. Over the past year, the bank deployed approximately $1 billion in financing to tech-focused SMEs, supporting businesses across fintech, software and digital platforms.
At the same time, it expanded a dedicated network of SME branches staffed by specialist relationship managers and credit teams, giving entrepreneurs access to tailored financing, trade finance, guarantees and advisory services through a single point of contact.
The bank has also recognised that SMEs require more than capital alone. Through partnerships with government agencies, guarantee programmes and development organisations, Riyad Bank helped unlock more than SR21 billion ($5.6 billion) in financing while broadening access to support mechanisms aligned with Saudi Arabia’s economic priorities.
Digital innovation has become another distinguishing strength. Riyad Bank introduced a fully digital SME financing platform that enables businesses to apply for financing, undergo credit assessment, sign contracts and receive funds without visiting a branch. The platform was designed to extend financing access to businesses with limited borrowing history and was initially piloted with more than 150 sole proprietorships.
Alongside this, the bank launched an SME-focused credit card programme with Mastercard. Combined with advanced analytics capabilities, streamlined onboarding through government-linked digital integrations, and significant investment in specialised SME talent, these initiatives demonstrate a bank that has built an increasingly comprehensive proposition.
The bank’s combination of digital onboarding, tailored lending solutions and partnerships with government-backed programmes has enabled it to reach SMEs at scale while addressing longstanding barriers to access. As a result, Riyad Bank has strengthened its position as one of Saudi Arabia’s most influential SME lenders and a significant contributor to the sector’s growth.
