Al-Rajhi’s CEO, Steve Bertamini, said in an interview to Reuters that the bank has opened 133 female-only branches and even has a car showroom for women so that they could have access to car loans. Al-Rajhi is a major provider of car loans and has operated car showrooms since 2008 (although they were only for men). Bertamini further said the types and models of cars tend to be different for women drivers, as they lean towards smaller vehicles for commuting. Al-Rajhi’s CEO was also positive on the opportunity of providing mortgages in the Kingdom, with the government planning to raise home ownership amongst Saudi Arabians to 70% by 2030, from 50% at present. 
 
We have discussed the retail opportunity in Al-Rajhi in our detailed note in January. It is the top bank by market share in retail, with 50%+ share in auto loans and 25% share in mortgages in KSA. We see lifting the ban on women drivers in 2H18 as one of the catalysts for the stock.
 
Al-Rajhi Bank: SAR75.46 as of 21 Mar. 2018, Rating: Buy, TP: SAR80.00/share, MCap: USD32,699mn, RJHI AB/1120.SE
Shabbir Malik