Saudi Hollandi Bank, the first operating bank in the Kingdom of Saudi Arabia, was founded in 1926. Originally it was known as 'The Netherlands Trading Society', and operated out of one office in Jeddah. Its main business at the time was providing financial services to Haj pilgrims from Indonesia. As it was the only bank in the Kingdom at the time, it acted as the central bank, keeping the Kingdom's gold reserves and receiving oil revenues on behalf of the Saudi Arabian government. In 1928 the Saudi Riyal, a new silver coin commissioned by Late King Abdulaziz, became the Kingdom's first independent currency. The Netherlands Trading Society office in Jeddah had the honour of assisting the government with the launch of the local currency. In 1954 the Netherlands Trading Society expanded its operations in the Kingdom by opening two additional branches, in Al Khobar and Dammam, in the Eastern Province. In 1969, ABN Bank was one of the first foreign banks to implement the Saudization initiatives set forth by the Saudi Arabian Monetary Agency (SAMA) and became the model for other foreign banks in the Kingdom. In 1977 the Saudi Hollandi Bank was established as a joint-venture company with a paid-up capital of SAR 35 million. The branch network was expanded to include Riyadh, Jubail, Makkah, Hofuf, Madinah, Qatif and other regions. Over the ensuing years the bank continued to expand and develop, introducing a number of technical innovations in banking and expanding both its range of products and services and its customer base. In 2006, the bank celebrated 80 years of providing loyal service to the citizens of Saudi Arabia. In 2009, the bank opened its new operations center Al Waha, which houses the bank's centralised operations functions as well as the SHB Academy. Also in 2009, SHB was the first bank in the Kingdom to deploy the automated Teller Cash Recycling machines (TCR), which was introduced to enhance the Open Branch concept that allows a direct and more friendly contact between the bank's employees and our customers. At the end of March 2012, the bank's paid-up capital amounted to SAR 3,969 million. Saudi Hollandi Bank employs 1,504 staff with a Saudization ratio of over 88.43% and operates 45 branches, 15 Ladies Sections, 30 Preferred Banking Centres and 265 ATMs providing banking services throughout the Kingdom.