The National Commercial Bank was the first Saudi bank to be licensed in the Kingdom. It is considered the largest bank in Saudi Arabia and is a leading financial institution in the Region. The Bank initiated its business under the name of ‘‘The National Commercial Bank’’ following the Royal Decree on 20 Rabi Thani 1373H (26 December 1953).
The National Commercial Bank was formed in 1953 by Royal Decree as a general partnership, resulting from the merger of Saudi Arabia’s largest currency houses: Saleh and Abdulaziz Kaki, and the Salem bin Mahfouz Company. The two businesses joined to form the first officially recognized Saudi bank.
In 1979, NCB became the first Saudi bank to launch a mutual fund, and has led innovations in real estate and auto finance. Since then, we have pioneered the development of many Shariah compliant financial services that now meet the needs of more than 4 million customers.
In 1997, NCB was converted to a joint stock company and, since 1999, shareholding has been divided between two government institutions – the Public Investment Fund and the General Organization for Social Insurance – along with a number of Saudi investors.
NCB has grown to become one of the largest banks in the Arab world, with total assets exceeding SAR 435 billion, and customer deposits standing at SAR 333 billion.
SEDCO, the Saudi Economic and Development Company, is a leading private wealth management organization that conducts its business according to Islamic guidelines widely known as Shari'ah. It manages a wide and diversified spectrum of real estate investments, investments in equities, and other businesses in Saudi Arabia and around the world.
SEDCO Holding was established as the overall parent company, responsible for all wholly-owned subsidiaries and for overseeing partnership holdings in associate companies. In 2010 SEDCO Capital was created from the Financial Investment Group after being licensed by the Capital Market Authority (CMA) to offer a range of wealth and asset management services to third-party investors.
The Real Estate Group was reorganized into SEDCO Development, Elaf Group, and Eimar Arabia. Boards were appointed for the various companies – each taking a principal role in the added-value process and reflecting the Company’s response to market changes.
Today, SEDCO has successfully bridged the old and the new, building on a heritage foundation of vision, hard work, and integrity to create a multi-national and multi-faceted group that has rightfully earned its place as a business entity of global status.
More than a century after the founder’s birth, Sheikh Salem’s three surviving sons are still directors: Saleh, Abdelelah, and Ahmed. They are joined by non-family directors and executives who represent a formidable assembly of talent and global experience.
Together, they are committed to leading SEDCO to new levels of achievement, sharing a vision to be the largest global entrepreneur in terms of Shariah-compliant wealth management.