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 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 employed 19,964 people across 557 branches.