The Saudi British Bank (SABB) has received the "Best Commercial Bank" award in a ceremony held in Dubai recently. The awards event was organized by the UK-based International Finance Magazine.
The criteria utilized to arrive at the winners included profit increases, growth in number of clients, ranges of products offered, innovative product lines, CSR activities, as well as the brand image of the company.
Mohammed Bindawood, General Manager of Commercial Banking at SABB, said: "we are delighted to get this important recognition. At SABB, we seek to understand our clients’ needs thoroughly to better address their needs. An optimal client experience is a central goal for us, as we continue to work towards being the most reliable, knowledgeable, and capable banking partner in the market."
Saudi Company for Tools and Hardware ("SACO"), a pioneer in the hardware retail and wholesale business, and the largest total-solution home improvement superstores in Saudi Arabia, has appointed HSBC Saudi Arabia as financial adviser, lead manager and underwriter for its planned Initial Public Offering.
Established in 1985, SACO currently operates 21 retail outlets, including 3 SACO World superstores, in 12 cities throughout the Kingdom, with over 45,000 different products on display in stores ranging from 2,500 to 24,000 sqm and has over 1,900 employees.
Khaled Al-Hamidi, the Chairman of SACO, stated "We are proud to announce our shareholders’ decision to file for listing SACO on the Tadawul Stock Exchange; this is a strategic milestone in our continued development journey. We are aiming for an efficient and successful process in accordance with applicable regulations, and are excited to offer Saudi investors and citizens the opportunity to participate in and be part of the SACO success story".
Sameer Al-Hamidi, the CEO of SACO, said "SACO is among the most innovative companies in its field throughout the Kingdom, offering its customers a unique one-stop-shop experience with the widest products range at competitive prices. As the exclusive dealer and partner in Saudi Arabia for numerous global brands, SACO offers quality merchandise to its customers from all over the world. SACO has achieved outstanding growth over the last years and has developed a significant and growing market share in the Saudi retail sector".
He added: "This IPO will be a major step forward in our expansion strategy, and we are confident that HSBC Saudi Arabia, with its track-record and reputation as a leading investment company in the Kingdom and internationally, will deliver a successful and seamless IPO process for SACO".
Walid Khoury, the CEO of HSBC Saudi Arabia Ltd, stated "We are delighted to be selected to lead the IPO of SACO, which we believe will be an excellent addition to the Saudi financial markets. This is another testament to our unparalleled track-record in Saudi Arabia, with 20 completed IPOs and equity issues since 2003, based on our unique combination of a strong Saudi-based team supported by the global HSBC platform providing world-class sector expertise".
SABB Takaful’s line of Family Takaful products won an award -for the second time in a row- at the MENA Insurance Awards which was held recently in Dubai. SABB Takaful competed for the award with global providers of conventional insurance, as well as Takaful companies, from 22 Middle Eastern and North African countries.
Winning the award came after a careful consideration of candidates by a panel of independent and world-renowned industry experts, based on clear criteria such as market share growth and quality of product offerings. The "MENA Insurance Awards" were organized by the MENA Insurance Review.
Mr. Yousef Alburshaid, Chairman of SABB Takaful, said "We are delighted by the selection of SABB Takaful for this prestigious award. Our diverse offerings seek to address our client needs in a comprehensive manner. We are committed to promoting a culture of family Takaful to financially and socially improve the standard of living of our clients, while operating in full harmony with Islamic values and principles."
HSBC Saudi Arabia Limited has won "Nine" awards including the coveted 'Saudi Asset Manager of the Year' award for its performance over the year 2013 at the MENA Fund Manager Performance Awards ceremony held recently. The MENA Fund Manager Performance Awards are presented annually based on the performance track record of the asset managers in the GCC region and the ceremony attracts the single largest gathering of the region's asset managers.
In addition to the Saudi Asset Manager for the Year, HSBC Saudi Arabia won the following awards:
HSBC GCC Equity Fund for GCC Equity fund – over $30m 1 & 3 Year performances.
HSBC Saudi Construction and Cement Companies fund for Sector fund for 1 & 3 Year performance
HSBC Saudi Freestyle Equity Fund for Best Saudi Equity fund
HSBC Saudi Freestyle Equity Fund for Best Shariah Compliant Equity fund
HSBC Saudi Companies Equity fund for Best Saudi Equity fund – 3 Year performance
HSBC Saudi Freestyle Equity Fund for Best New Comer fund.
Walid Khoury, the Chief Executive Officer of HSBC Saudi Arabia Limited said: "This is a remarkable achievement for HSBC as no other regional firm has ever won as many awards in one year. HSBC Saudi Arabia is not only the best asset manager in Saudi but also in the MENA region as a whole."
Osama Shaker, Managing Director & Head of Financial Markets at HSBC Saudi Arabia commented: "We are extremely pleased to have won nine awards which reflects our strong commitment to deliver superior investment products and performance. We strive to always deliver excellent investment returns to our clients via our dedicated team of investment professionals by offering comprehensive and unparalleled investment solutions and services."
The Saudi British Bank (SABB) has been named by Global Finance magazine as the “Best Trade Finance Bank” in Saudi Arabia for 2014. This is the 6th consecutive year that SABB has picked up this coveted award, widely acknowledging SABB as the preeminent trade finance bank in the Kingdom.
The recognition from Global Finance magazine comes after an assessment of transaction volumes, scope of global coverage, customer service, competitive pricing and innovation of the leading trade finance providers in the Kingdom. This also takes into account feedback from key decision makers in multinational companies globally, alongside traditional input from industry analysts, corporate executives and technology experts.
In 2013, SABB continued its focus on client service, product innovation, and the development of trade opportunities for clients. During the year, SABB successfully rolled out a number of key initiatives directed towards helping its clients grow their trade-related businesses. SABB provides unrivalled global connectivity through its association with HSBC Group, and a range of sophisticated and customized conventional and Sharia-compliant trade finance solutions to meet growing trade and supply chain needs of its clients.
Commenting on winning the award, Mohammed Bindawood, General Manager of Commercial Banking at SABB, stated "Customer service and experience remains a priority for us and we are delighted to win this award and to be recognized as the leading trade finance bank in the Kingdom. The award serves to highlight that we continue to lead from the front in providing innovative and customized solutions for the increasingly diverse, challenging and complex trade and supply chain needs of our clients and we are proud to be recognized by them and the market in this respect".
The Saudi British Bank - SABB recorded a net profit of SAR 3,774 million for the year ended 31 December 2013. This is an increase of SAR 534 million or 16.5% compared to SAR 3,240 million for the same period in 2012. SABB recorded a net profit of SAR 976 million for the three months ended 31 December 2013, an increase of SAR 161 million or 19.6%, compared to the three months ended 31 December 2012, which amounted to SAR 815 million.
Operating income of SAR 5,815 million for the year ended 31 December 2013 – an increase of SAR 649 million, or 12.6%, compared with SAR 5,166 million for the same period in 2012.
Customer deposits of SAR 139.0 billion at 31 December 2013 – an increase of SAR 18.6 billion, or 15.4%, compared with SAR 120.4 billion at 31 December 2012.
Loans and advances to customers of SAR 106.1 billion at 31 December 2013 – an increase of SAR 10.0 billion, or 10.4%, from SAR 96.1 billion at 31 December 2012.
The bank’s investment portfolio totaled SAR 37.4 billion at 31 December 2013, an increase of SAR 9.8 billion, or 35.6%, from SAR 27.6 billion at 31 December 2012.
Total assets were SAR 177.3 billion at 31 December 2013, compared with SAR 156.7 billion at 31 December 2012, an increase of 13.2% or SAR 20.6 billion.
Earnings per share is SAR 3.77 for the year ended 31 December 2013 against SAR 3.24 at 31 December 2012.
Sheikh Khaled Olayan, Chairman of SABB, said: "SABB’s strategy of diversifying its income streams and controlling its costs ensured another strong financial performance in 2013. SABB’s continued focus on risk management, asset quality and maintaining strong capital and liquidity positions provides SABB with growth opportunities in line with our strategic objectives."
"We would again like to thank our customers for their continued support and our staff for their commitment and contribution to the bank's success."