Top List of Banks in Yemen
In Yemen, banking is only just beginning to develop. Although there are certain advantages that Yemen could see as it develops its banking sector, there are challenges to reckon with. Population growth and growth of the economy are key drivers of the banking sector's growth and its future potential.
Banks are increasingly becoming smarter and implementing solutions that will help them attain the benefits of digital banking in an effective manner. They now realize the importance of putting the customer at the center of their business model. It goes without saying that most banks in Yemen have not grown to their potential, but some among them have tried to make names for themselves. Let's look at some banks that are doing well in Yemen.
Central Bank of Yemen
The bank acts as a government agent for financial transactions, regulates and manages the Yemeni Riyal (YER) against foreign currencies, and maintains a reserve account for the government. The bank is responsible for issuing all coins and notes in Yemen. In addition, the bank also acts as a regulator for all of the country's commercial banks. It is located in the Yemeni capital Sana'a. In May 2003.
With several branches and ATMs, CBY had a total asset of YER 15.8 trillion in 2015
Arab Bank Limited
Arab Bank Limited is a Yemen-based bank with several branches in the main cities of Yemen. The Bank's main operations focus on deposits, loans, documentary credits and collections, foreign exchange services, foreign currency dealing, and guarantees. In addition, Arab Bank Limited offers banking services for national and global companies that include various financial industries.
The bank has established more than 80 branches with several ATMs across the country. Its total assets by 2018 were YER 12.3 trillion (USD 49.2 billion)
Calyon Credit Agricole ( CIB )
Calyon is the Corporate and Investment bank of the Credit Agricole Group. It is a leading French investment bank with a strong presence in Europe (France, Germany, and Italy), the Middle East, Asia Pacific, Latin America, and the United States.
Calyon Bank opened its first office in Sanaa and is still one of the largest international banks operating in Yemen. Calyon offers the most complete range of bilateral banking services to Yemeni companies and French companies involved in Yemen.
Its branches are said to number more than 1000 worldwide with several ATMs. It employs enough staff to serve all its branches and offices, and it is reported to have assets totaling to YER 470 trillion (USD 1.88 trillion) as of 2017.
International Bank of Yemen
International Bank of Yemen is a regional commercial bank. The Bank offers credit ATMs and debit cards, personal and corporate banking, capital markets, financing, mobile, and internet banking services. The International Bank of Yemen serves customers in Yemen.
This is the first private sector bank in Yemen, established and started operating on May 1st, 2001. IBY's successes made it one of Yemen's leading private sector banks. It is managed by a group of Yemeni professionals having expertise and wide experience in the financial banking sector. IBY has a distribution network covering all major cities in Yemen with Aden, Sana'a, Taiz, Al-Hudaydah, and Mukalla headquarters in Sana.
Its total assets are worth YER 593.21 billion (USD 2.37 billion)
National Bank of Yemen
The National Bank of Yemen (NBY) is a commercial bank in Yemen. The National Bank of Yemen has been actively functioning since the 20th century. It was re-established as a public body with certain legal privileges that is responsible for regulating and managing the banking system in Yemen. It has since become among the largest commercial banks in Yemen regarding assets, deposits, and branches.
The bank runs a couple of branches within Yemen with more than 10,000 employees to provide services to customers. Its total assets as of 2018 were YER 532.5 billion (USD 2.13 billion)
Rapidan Bank is a full-service financial institution in Sana'a, Yemen. Founded in 1990 as Rafidan Bank for Trade & Investment, the bank was initially licensed as an investment bank. In 2012 the Central Bank of Yemen granted Rafidain Bank a commercial banking license, and the name was officially changed to Rapidan Bank.
It is licensed as a general investment bank and authorized as a lender of last resort, providing government loans.
Currently, it manages more than 80 branches countrywide with several ATMs with assets worth YER 11.76 trillion (USD 47 billion) as of 2010.
Qatar National Bank
Qatar National Bank is the biggest bank in Qatar, the leading bank in the Middle East and Africa. With operations in more than 30 countries spanning three continents, QNB Group provides a comprehensive range of advanced products and services.
Qatar National Bank has been proud to be the market leader among banks in Yemen for over 20 years. With 17 branches across all regions of Yemen, QNB is committed to offering customers the best banking services and products.
Its total assets are YER 64.95 trillion (USD 259.5 billion)
Saba Islamic Ban
Saba Islamic Bank is the first Islamic bank established in Yemen. The bank has more than 50 branches across the country, including locations in Sana'a, Taiz, Ibb, Hodeidah, Aden, and Hadramout. Saba Islamic Bank offers personal loans, housing mortgages, vehicle financing, savings accounts, current accounts, and business accounts for its customers.
Saba Islamic Bank was formed in 2004 through an initiative by the Central Bank of Yemen with the support of a number of leading local businessmen to offer a full range of Sharia-compliant finance services, including commercial and investment banking.
It has an asset worth YER 86.35 billion (USD 354 million).
Yemen Gulf Bank
Yemen Gulf Bank is a commercial bank in Yemen. It offers personal banking, private banking, corporate banking, wealth management, and online banking services. It is one of Yemen's leading banks, providing a wide range of banking services to commercial and retail customers. The bank was established in September 2000 and offers its services through a network of 25 branches across the major commercial and residential areas of Yemen, including a full-fledged regional branch in Aden. its total asset is estimated to be YER 125.15 billion (USD 500 million)
What is Yemen's currency called?
The Yemen currency is called the Yemeni rial. The value of the Yemeni rial continues to drop because of the ongoing political instability in the country. It stands at YER 1-USD 0.0040.