Riyadh – Sharikat Mubasher: Saudi Telecom Company (stc), the Kingdom’s largest mobile operator, is expanding into corporate lending through its new digital arm, STC Bank, as reported by Bloomberg.
The bank, launched earlier this year, plans to offer loans and investment products to large companies, SMEs, and individuals.
STC Bank currently serves around 1.5 million customers and is preparing to roll out its full suite of services by late 2025. The bank recently received an $800 million capital injection from stc to support its growth. Western Union, a key minority investor, acquired a stake worth $200 million in 2021 and remains a strategic backer.
With this move, stc is deepening its footprint in digital finance as part of its broader diversification strategy. In 2024, STC Bank recorded SAR 345 million ($92 million) in gross profits, positioning it as a rising player in Saudi Arabia’s fintech sector.
