Established as an exchange house in 1957 and converted to a bank in 1988, Al Rajhi is the largest bank in the region in terms of market cap. In September 2022, the bank increased its stake in the Al Rajhi Company for Cooperative Insurance from 22.5% to 35%. In December 2022, Al Rajhi partnered with the Tatweer Education Technologies Company, a state-owned company specializing in educational technologies, to develop digital financial solutions for the education sector and its employees. As of December 2022, the bank had 13.3 million active customers and 19,964 employees across 557 branches. It recorded $4.6 billion in net profit in 2022, an increase of 16.3% compared to 2021.