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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 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. It introduced a number of technical innovations in banking and expanded 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 2007 a consortium of banks consisting of the Royal Bank of Scotland, Banco Santander and Fortis acquired ABN AMRO Bank. As a result ABN AMRO's 40% shareholding in Saudi Hollandi Bank was transferred to the consortium of banks. Saudi Hollandi Bank's paid-up capital amounted to SR2,646 million as at 31 December 2007. The bank employs 1,737 staff and has a Saudization ratio of over 85%. The Bank has 43 branches and 183 ATMs providing banking services throughout the Kingdom.