Saudi Telecom (STC) is looking to expand into corporate lending through STC Bank — its new Western Union-backed digital banking unit — with the bank now aiming to roll out its full suite of services later in 2025, STC Bank CEO Nizar Altwaijri told Bloomberg. The services will come after the bank received a USD 800 mn cash injection from STC, Altawariji said.

What we know so far: The bank will begin offering loans and investment products to large companies as well as SMEs and retail customers, Altawariji told the newswire. “Our existing customer base is large enough that we need to focus on all of the segments,” he said.

About STC Bank: STC Bank officially rolled out its digital banking services back in January after receiving the green light from the Saudi Central Bank (Sama). The bank, which previously operated as STC Pay, now functions as a full digital bank, after it had been running under a beta phase since April 2024.

Western Union is considered a key stakeholder for the bank, after it completed the acquisition of a minority stake for USD 200 mn back in 2021. STC declined to disclose whether Western Union is considering additional investments in the bank, according to Bloomberg.

How the bank fared last year: STC Bank recorded SAR 345 mn in gross income in 2024, according to data compiled by Bloomberg.

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