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SABB Jet Bridges gives Saudis a gateway to the worldSABB – The Saudi British Bank has signed an agreement to brand the airport jet bridges at Riyadh King Khalid International Airport and four other airports in the Kingdom. The exterior and the interior of the 42 jet bridges in the departure and arrival terminals at Riyadh, Dammam, Tabuk, Najran, and Yanbu airports will display SABB’s logo, a strong brand with global recognition and connections, creating awareness about what a globally capable yet locally relevant bank can do.
The new airports branding programme is in line with the Bank’s strategy to accompany its customers wherever they by providing retail and corporate financial services that are needed by those travelling for business or leisure. Riyadh King Khalid International Airport alone, one of the region’s busiest transport hubs, handled over 13 M passengers from around the world in 2010.
The interior of the jet bridges will display two of SABB’s key personal banking propositions, SABB Premier and SABB Advance. These globally linked-up services offer solutions to suit customers who require an understanding of their lifestyle and personal care everywhere in the world. Whether SABB Advance or SABB Premier, the Bank gives its customers access to international services and privileges across the worldwide HSBC network. Added to that, SABB’s strong presence in the Kingdom and its growing network of 99 retail outlets ensure ability to provide its customers with a premium customer service through the Bank’s dedicated Relationship Managers available around the clock.
The SABB sponsorship of the jet bridges in the Kingdom clearly demonstrate the commitment of the bank to supporting its customers locally and globally. .
Jet bridge advertising is a concept pioneered by the HSBC Group, SABB’s global affiliate, and launched at London's Heathrow Airport in 2001. Since that time it has expanded to over 54 airports in 23 countries around the world including Sydney, Beijing, Shanghai, New York, Athens, Dubai and Tokyo.
15 March 2011
The Saudi British Bank (SABB) recorded a net profit of SAR1,883 million for the year ended 31 December 2010 – a reduction of SAR149 million or 7.3 per cent, compared with SAR2,032 million for the same period in 2009. Net special commission income decreased by SAR194 million, or 5.6 per cent, compared with the same period in 2009.
Operating income of SAR4,839 million for the year ended 31 December 2010 – a reduction of SAR321 million, or 6.2 per cent, compared with SAR5,160 million for the same period in 2009.
Customer deposits of SAR94.7 billion at 31 December 2010 – an increase of SAR5.5 billion, or 6.2 per cent, compared with SAR89.2 billion at 31 December 2009.
Loans and advances to customers of SAR74.2 billion at 31 December 2010 – a reduction of SAR2.2 billion, or 2.9 per cent, from SAR76.4 billion at 31 December 2009.
The bank’s investment portfolio totalled SAR25.0 billion at 31 December 2010, an increase of 5.0 per cent compared with SAR23.8 billion at 31 December 2009.
Total assets were SAR125.4 billion at 31 December 2010, compared with SAR126.8 billion at 31 December 2009, a reduction of 1.1 per cent or SAR1.4 billion.
Earnings per share of SAR2.51 for the year ended 31 December 2010 – a reduction of 7.4 per cent from SAR2.71 for the same period in 2009.
Sheikh Fouad Abdulwahab Bahrawi, Acting Chairman of SABB, said: “Despite a challenging environment, SABB's strong operating income streams and cost containment measures enabled the bank to report satisfactory profits for the year ended 31 December 2010 and position ourselves well for 2011.
SABB continues to invest in its infrastructure for improving customer service. We are committed to supporting our customers and seeking new opportunities for business growth.
"SABB's capital and liquidity ratios remain strong as does the overall quality of our loan book.
“We thank our customers for their continued support and our staff for their commitment and contribution to the bank's success.”
16 January 2011
SABB has successfully concluded the issuance of an international US Dollar 600 million 5 years Eurobond. The notes are senior bonds that pay a 3% annual fixed coupon rate on a semi annual basis. This reflects a spread of 170 bps over the 5 year US Dollar Mid-Swap rate.
The bonds issued under the USD 1.6bn EMTN programme, gained a great success as it was oversubscribed. The bonds rated as “A” stable by Fitch and S&P were listed for trading in London Stock Exchange.
David Dew, Managing Director of SABB, said,: "We are delighted with the level of interest shown by the investors and the fact that the issue was oversubscribed. SABB's success in this issuance is testimony to its credit fundamentals and a demonstration of the international investors’ confidence in SABB and the solid Saudi economy”.
10 November 2010
- Output, new business and employment growth accelerated
- Expansion in new export orders slowed
- Purchase price inflation fastest in survey history
SABB has announced the results of its “SABB-HSBC Purchase Managers’ Index for October 2010. The monthly composite index provides a single-figure snapshot of the performance of the non-oil producing private sector in real time by monitoring and analyzing a number of variables mainly outputs, new orders, export, backlogs of work, suppliers’ delivery times, employment, output prices, overall input prices, purchasing prices, quantity and stocks of purchases.
Strengthening domestic demand led to an improvement in overall business conditions in the Saudi Arabian non-oil producing private sector during October. Although growth of new export work slowed since September, the expansion in total new orders accelerated, leading companies to increase both activity and employment levels. However, price pressures built up alongside demand, with both total input and output price inflation accelerating on the month.
Rising to 59.9 in October, from 58.4 in September, the seasonally adjusted headline SABB HSBC Saudi Arabia Purchasing Managers’ Index™ (PMI™) – a composite indicator designed to provide a single-figure snapshot of the performance of the non-oil producing private sector – signalled a sharp gain in the health of the economy. Moreover, the rate of improvement was faster than the series trend.
Total new order receipts at KSA private sector companies rose substantially in October and at the fastest rate since July. This was despite growth of new export business easing to a series record low. Panellists cited favourable economic conditions, greater demand and successful promotional activities as the key factors driving overall new order levels higher.
Greater volumes of new work led KSA private sector firms to raise output, employment and purchasing more sharply in October. Activity increased at a considerable pace, while job creation was solid. Growth in both variables was the fastest since June. Meanwhile, buying activity expanded substantially.
The latest increase in input acquisitions was sufficient to further build up stocks of purchases at the start of Q4. However, the rate of accumulation moderated to a survey record low.
Despite stronger demand for inputs in October, average vendor performance continued to improve. Moreover, lead times shortened to a greater extent than over the previous five months. Saudi Arabian private sector companies stated that competition amongst suppliers was the main reason for the improvement.
The volume of unfinished business at KSA private sector firms grew in October, bringing the current run of accumulation to ten months. The rate of increase was solid and the most marked since July. Panellists attributed the rise to heavier workloads.
Total input price inflation accelerated to a solid rate in October. Data showed that faster rises in both purchasing and wage costs supported the latest increase. Prices paid for raw materials and semi-finished goods climbed sharply and at a series record rate. Higher commodity costs and unfavourable exchange rate fluctuations were the key contributors to purchasing price inflation, according to respondents. Meanwhile, salaries rose moderately, which panel members linked to higher production and solid business conditions.
Private sector firms in Saudi Arabia passed on part of their greater cost burdens to customers in October through higher charges. Output price inflation picked up to a solid rate as a result.
03 November 2010
HSBC Saudi Arabia Ltd., the investment arm of the Saudi British Bank (SABB) has announced the appointment of Fahad Al Saif as the Head of Debt Capital Markets in Saudi Arabia.
Prior to this recent appointment, Fahad was the Director of Investment Banking Finance HSBC. Earlier, he served in the Saudi British Bank –SABB for 12 years in various positions; his recent position was the Head of Trading and Investment and Risks Advisory in Treasury Department.
Commenting on Fahad's appointment, Walid Khoury, CEO of HSBC Saudi Arabia Ltd. said: "I am delighted to welcome Fahad in joining our Saudi national leadership team. I am quite confident he will successfully put into practice his knowledge and experience in driving HSBC business to ever higher standards of achievements”
HSBC Saudi Arabia attracts Saudi qualified banking and financial executives of high caliber. The company maintains strategic plans and policies for career development and on-job training for all departments within and outside the Kingdom in different sectors HSBC Saudi Arabia has successfully achieved a new level in building its human resources as Saudi nationals now represent the majority of the company's employees and leading positions."…1 Nov
The Saudi British Bank - SABB held a number of gatherings in honor of its Premier customers at SABB Premier Centers in the Central, Eastern & Western regions.
Attended by a number of the Bank's senior officers, the regular gatherings come in line with the Bank's continuous efforts to maintain close relationship with its valuable customers and to closely share their experience and satisfaction. SABB is to fulfill customer needs and improve its services on a regular basis. The service is provided through the Bank’s 97 branches and 10 major Premier centers around the Kingdom.
SABB Premier is exclusively designed to enable upscale customers to enjoy unique banking services while traveling, working or living anywhere around the world. SABB Premier customers are locally and internationally served by highly qualified and dedicated relationship through 350 SABB and Premier Centers in Saudi Arabia and in the world. Premier customers are assured their family members while traveling or living abroad will enjoy the same privileges and support the account holders get. Additionally, they can benefit from the various offerings of SABB Premier MasterCard available to customers locally or worldwide
Majed Najm, General Manager Personal Financial Services, SABB commented: "We are delighted to have SABB Premier customers meet the gatherings and to get acquainted with the Premier Centers, their locations and their services. Our experienced relationship mangers will assist them with an array of financial solutions tailored for privileged customers. They will also be in liaison with SABB senior investment experts who can assist Premier customers in their financial planning and wealth growing…..31 October
HSBC Saudi Arabia has acted as sole financial advisor to Al Babtain Power & Telecommunications Company (“ABP&T”) in a landmark transaction that included the first ever cash-and-shares deal involving the issuance of shares in a listed Saudi company to a foreign shareholder.
ABP&T will acquire of 49% in Al Babtain LeBLANC Telecommunication Systems Company (“ABL”) from LeBlanc Group, a Singapore based telecommunications group, in a transaction that values ABL at SAR183.1 million based on ABP&T’s closing price on 20 October 2010. The transaction is a combination of shares and cash and will result in ABP&T becoming the 100% owner in ABL. The transaction is pending approval of ABP&T’s shareholders and Saudi regulators.
“This is a landmark transaction involving the first instance of a pubalicly listed Saudi corporate issuing equity as consideration to a foreign vendor,” said Walid Khoury, CEO HSBC Saudi Arabia. “The transaction is testament to HSBC's strong M&A origination and execution capabilities in Saudi Arabia, in particular in relation to Saudi listed companies, where share transactions are rare,” he added.
HSBC is the largest and most widely-represented bank in both the Middle East and Asia, and is heavily involved in the increasing volumes of cross-border transactions between the two regions. The bank’s focus on emerging markets has seen the volume and value of debt, equity, merger and acquisition transactions between the MENA region and Asia-Pacific soar in recent years.
In Saudi Arabia, the deal further enhances HSBC’s strong relationship with ABP&T, following HSBC’s role as financial advisor to the Company on its IPO in December 2006. …31 October 2010
SABB announced the detailed global and Saudi specific results of the Trade Confidence Index (TCI). The recently published Index, an impartial study sponsored by HSBC, SABB’s global partner, is the broadest international survey of small and mid-market businesses engaged in cross- border trade. The results are framed by respondents comprising of 5,124 exporters, importers and traders in 17 markets including Saudi Arabia with data that was compiled between July and September 2010.
Based on responses gathered by the survey, Greater China will remain top trade partner for many countries around the world including KSA. Overall, despite continued mixed indicators world wide, global trade confidence remains positive on the HSBC Trade Confidence Index unchanged at 116.
The results used to calculate an index range from 0 to 200, with 200 representing the highest confidence level, 0 represents the lowest and 100, neutral. Accordingly, businesses in India (140), UAE (125), Mexico (124) and Indonesia (124) are the most bullish about trade prospects in the next six months; followed by Vietnam (122), Brazil (122), Saudi Arabia (118 up from 114 in 1H10 ), Malaysia (114) and China (111). Comparatively, the mature markets of Canada, Australia, UK, US, Germany, France and Hong Kong all figured within the positive range, albeit lower on the scale, demonstrating improving confidence.
Increasing trade between emerging markets in the next six months was identified by respondents as driving trade confidence. Key nominations include China, India, Brazil, United Arab, Kingdom of Saudi Arabia and Malaysia.
Adel Al Nasser, Deputy managing Director of SABB said: “The positive sentiments that we see across all markets are all significant indicators that trade remains one of the main drivers of economic growth globally and for Saudi Arabia. We are delighted the TCI is reflecting growing trade confidence within the country and with Kingdom’s trade partners in the world mainly in Asia and the Southern Hemisphere”.
24 October 2010
The Saudi British Bank (SABB) has appointed Alaa Shekib Al Jabri as Chief Risk Officer. Alaa has taken up his position assuming full responsibility for the entire Risk Management in SABB. He joined SABB in November 2006 as the Area General Manager for Western Province.
Alaa has a wealth of 28 years of experience in various aspects of banking gained mainly from working on senior levels of management and leadership covering credit, marketing, business development, strategy, investment, treasury, corporate, risk management, International and commercial banking in leading financial institutions in Saudi Arabia and the Gulf.
Commenting on Alaa’s appointment, David Dew, SABB Managing Director said: “I am delighted Alaa, is taking up this new strategic post. I am confident he will successfully utilize his extensive knowledge experience in driving our business to ever higher standards of achievements”.
Alaa has a Master of Business Administration from the INSEAD, France and a Bachelor of Business Administration from The American University of Beirut, Lebanon.
24 October 2010
SABB announced today that it has been voted ‘Best Domestic Cash Management Bank’ in Saudi Arabia in the prestigious Euromoney customer poll. The award was based on feedback from cash managers, treasurers and financial officers worldwide, who were asked which banks they currently use most for their cash management services globally, regionally and domestically, and were also asked to rate the services provided by their lead cash management bank across various categories on a sliding scale. This is the 3rd consecutive year that SABB has been selected as the best cash management bank in Saudi Arabia.
David Dew, Managing Director, SABB, commented: “This award clearly demonstrates that our approach to cash management is being well received in the Kingdom. We are committed to delivering top quality service, and are focused on creating tailor made solutions based on our customers’ needs. This technical strength, combined with our extensive foot print in the Kingdom and our global reach has positioned SABB as one of the strongest cash management banks in Saudi Arabia.”
SABB delivers a wide range of market leading liquidity and cash management solutions for local businesses to enhance working capital and meet the evolving needs of its customers in the Kingdom of Saudi Arabia, for corporate and financial institutions in the Kingdom.
19 Oct 2010
SABB appointed Loai Hassan Abduljawad as Head of Business Banking. Loai joined SABB in October 2000 as Relationship Manager Commercial Banking, and served in various senior and managerial positions including, Business Development Manager and Head of Small and Medium Business unit.
Earlier, he worked with leading engineering and consulting firms and financial institutions in the region. Loai brings with him significant commercial, project development and management experience.
Commenting on Loai’s appointment, Adel M Al Nasser, Deputy Managing Director of SABB said: “I am confident that Loai will successfully put into practice his knowledge and experience in driving SABB business banking to higher standards of achievements. The appointment is evidence that SABB remains a preferable national employer for talented senior managers, and youth generation of Saudi bankers.
17 October 2010
SABB recorded a net profit of SAR1,487 million (US$397 million) for the nine months ended 30 September 2010 – a reduction of SAR519 million (US$138 million), or 25.9 per cent, compared with SAR2,006 million (US$535 million) for the same period in 2009. Net special commission income decreased by SAR116 million (US$31.0.million), or 4.4 per cent, compared with the same period in 2009, reflecting a contraction in average asset balances.
Operating income reached SAR3,723 million (US$993 million) for the nine months ended 30 September 2010 – a reduction of SAR251 million (US$67 million), or 6.3 per cent, compared with SAR3,974 million (US$1,060 million) for the same period in 2009.
Customer deposits totalled SAR90.7 billion (US$24.2 billion) at 30 September 2010 – an increase of SAR1.5 billion (US$0.4 billion), or 1.7 per cent, compared with SAR89.2 billion (US$23.8 billion) at 30 September 2009.
Loans and advances to customers decreased to SAR74.7 billion (US$19.9 billion) at 30 September 2010 – a reduction of SAR4.1 billion (US$1.1 billion), or 5.2 per cent, from SAR78.8 billion (US$21.0 billion) at 30 September 2009.
The bank’s investment portfolio totalled SAR21.0 billion (US$5.6 billion) at 30 September 2010, a decrease of 12.9 per cent compared with SAR24.1 billion (US$6.4 billion) at 30 September 2009.
Total assets were at SAR118.3 billion (US$31.5 billion) at 30 September 2010, compared with SAR123.9 billion (US$33.0 billion) at 30 September 2009, a reduction of 4.5 per cent or SAR5.6 billion (US$1.5 billion).
Earnings per share of SAR1.98 (US$0.53) for the nine months ended 30 September 2010 – a reduction of 25.9 per cent from SAR2.68 (US$0.71) for the same period in 2009.
Sheikh Khaled Olayan, Chairman of SABB, said: “SABB's strong operating income streams and cost containment measures have allowed the bank to report encouraging profits for the nine months ended 30 September 2010. SABB has continued with its prudent provisioning, whilst remaining focussed on improving our service propositions to our customers through ongoing investment in SABB’s infrastructure as well as seeking new opportunities for business growth. SABB's capital and liquidity ratios remain strong as does the overall quality of our loan book. We thank our customers for their continued support and our staff for their commitment and contribution to the bank's success.”
13 October 2010
SABB has launched SABB-HSBC Emerging Markets Index (EMI) in Saudi Arabia and released the findings of new economic studies, which will greatly benefit economic understanding of the Kingdom, and the wider Middle East region.
The special event held in Riyadh Saturday evening saw a large gathering of businessmen, bankers, SABB's corporate customers and representatives from government, commercial and financial sectors to hear a keynote from HSBC’s Regional Chief Economist, Simon Williams. Williams noted that the headline results show that business conditions in Saudi Arabia remained favourable in September, rounding off a strong third quarter.
“We are delighted to launch SABB/ HSBC Emerging Markets Index in Saudi Arabia, one of the most robust economies in the Middle East,” commented Adel Nasser, Deputy CEO, SABB, from the launch event. “As the world continues to pay closer attention to the economic contribution of the emerging markets, I am pleased that we can today unveil EMI data which clearly demonstrates positive economic growth in the Kingdom over the past twelve months.”
The quarterly Index report is based on data gathered from the strongly correlating Purchasing Managers' Indexed (PMI), which looks at sixteen emerging markets around the world. EMI shows that business conditions remain favourable in Saudi Arabia, signalling a sharp rate of expansion.
The EMI provides a unique global overview of the key macro economic, social and political trends and themes that are influencing the development of the world’s emerging markets. The most recent report, released in Riyadh yesterday, showed that the emerging market economic recovery continued in Q3, but also indicated that growth slowed for the second successive quarter.
These reports are used worldwide by decision makers and analysts who follow economic trends, as well as by governments and central banks that use them to inform interest and inflation rates.
10 October 2010
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SABB announced the detailed global and Saudi specific results of the Trade Confidence Index (TCI). The recently published Index, an impartial study sponsored by HSBC, SABB’s global partner, is the broadest international survey of small and mid-market businesses engaged in cross- border trade. The results are framed by respondents comprising of 5,124 exporters, importers and traders in 17 markets including Saudi Arabia with data that was compiled between July and September 2010.
Based on responses gathered by the survey, Greater China will remain top trade partner for many countries around the world including KSA. Overall, despite continued mixed indicators world wide, global trade confidence remains positive on the HSBC Trade Confidence Index unchanged at 116.
The results used to calculate an index range from 0 to 200, with 200 representing the highest confidence level, 0 represents the lowest and 100, neutral. Accordingly, businesses in India (140), UAE (125), Mexico (124) and Indonesia (124) are the most bullish about trade prospects in the next six months; followed by Vietnam (122), Brazil (122), Saudi Arabia (118 up from 114 in 1H10 ), Malaysia (114) and China (111). Comparatively, the mature markets of Canada, Australia, UK, US, Germany, France and Hong Kong all figured within the positive range, albeit lower on the scale, demonstrating improving confidence.
Increasing trade between emerging markets in the next six months was identified by respondents as driving trade confidence. Key nominations include China, India, Brazil, United Arab, Kingdom of Saudi Arabia and Malaysia.
Adel Al Nasser, Deputy managing Director of SABB said: “The positive sentiments that we see across all markets are all significant indicators that trade remains one of the main drivers of economic growth globally and for Saudi Arabia. We are delighted the TCI is reflecting growing trade confidence within the country and with Kingdom’s trade partners in the world mainly in Asia and the Southern Hemisphere”.
24 October 2010
SABB Amanah held a Ramadan Iftar for the children of the Riyadh based Social Education House for Boys in Riyadh. The compassionate initiative highlights SABB’s on-going social responsibility programmes in supporting the community, the empathy for orphan children and the acknowledgment of their social needs and welfare in the holy month of Ramadan.
A group of senior executives from the bank headed by David Dew, Managing Director of SABB together with the principal and trustees of the Social Education House for Boys attended the Iftar with orphan children.
David Dew expressed his great pleasure for sharing Iftar with the children and said: “by hosting this Iftar, SABB is representing Saudi Arabia in a global Iftar initiative that has been launched by HSBC Amanah, the Islamic banking arm of HSBC group, SABB’s global banking partner. The initiative aimed to simultaneously hold Iftar for 3500 orphans around the world in eight Moslem countries that have branches of the HSBC Group and its partners. Global Iftar is an expression of world compassion which aims to raise awareness of the needs of the underprivileged children and to support local communities through available philanthropic organizations and NGO’s”.
4 September 2010
SABB has received two prestigious awards in electronic banking from Global Finance magazine. In its "World's Best Internet Banks 2010" awards, the highly regarded magazine selected SABB as the winner of its “Best Online Consumer Credit Site” award for the fifth consecutive year. SABB was also awarded the “Best Bill Payment & Presentment in the Middle East & North Africa”.
Winners were chosen on the basis of a number of criteria including and the usability of their online services, the range of product offerings, the quality of websites, marketing, their customer service strategies and the growth of their online customer base.
SABB‘s online consumer website offers credit card users, highly secured instantaneous services and enable them to fully manage and monitor their credit cards activities.
SABBNET, the Bank’s internet banking site distinguished for its entire consumer-friendly design simplicity and high security, provides customers with over 180 automated services including convenient bill payment round the clock worldwide. Its customers can use the online services to manage a wide range of investment and personal banking needs, including Amanah Commodity Investment Accounts, investment in mutual funds, Islamic finance and credit card services.
In 2010, SABB continued improvement and expansion of its online services. Online account registration and pin reset function, government payments, SMS authentication on login and transactions, secure saved transfers and electronic bill payments are few among the new services.
Adel Al-Nasser, Deputy Managing Director of SABB, commented: "We received Global Finance awards in recognition of SABB’s continuous achievements and we are proud of our staff for setting new benchmarks and raising the bar of competition that are consistently maintaining our leadership in internet banking in Saudi Arabia. SABB wins international banking awards as it continues to enhance customers experience by offering them best class services".
17 August 2010
Saudi Arabia has seen a leap in business confidence with small businesses planning to increase capital expenditure (61%), expand their workforce (46%) and holding a positive view towards local economic growth (63%). Similar positive outlook is being reflected by SMEs across the region with positive sentiment strongest in Saudi Arabia.
These are the major findings of a survey conducted by HSBC, SABB’s global partner, involving more than 6,300 enterprises in 21 key markets globally.
Adel Al-Nasser, SABB Deputy Managing Director, said: “This research indicates improving confidence levels. It is encouraging to see that despite global economic uncertainty, small businesses in Saudi Arabia remain confident and continue to invest and recruit. “
Compared to previous results in 4Q09, confidence increased from 125 to 145 in Saudi Arabia showing signs of increased positivity. This reflects a more marked increase in confidence comparative to regional outlook which has seen confidence grow from 125 to 132 during the same period.
In terms of economic growth over the next six months, 63 per cent of SMEs have a positive outlook with a further 22 per cent expecting the current pace of growth to maintain.
Ninety-four per cent of SMEs will either expand their workforce or maintain their current staffing levels in the next six months. Only six per cent are planning to cut staff.
Commenting on recruitment indicators Tim Liverton, Head of Business Banking, said : “SMEs are by nature always running at essential staff levels. The fact that there are more SMEs who are planning to keep or increase staff rather than decrease staff is a positive sign for this sector.”
Mr Al-Nasser said: “Forming a vital part of the local economy, the collective impact of small business is significant. With our international footprint and local expertise, SABB continues to provide small business with an ideal platform to grow and look for new business opportunity.”
1 Aug 2010
Net profit of SAR1,068 million (US$285 million) for the six months ended 30 June 2010 – a reduction of SAR368 million (US$ 98 million), or 25.6 per cent, compared with SAR1,436 million (US$383 million) for the same period in 2009.
• Operating income of SAR 2,565 million (US$684 million) for the six months ended 30 June 2010 – a reduction of SAR104 million (US$28 million), or 3.9 per cent, compared with SAR2,669 million (US$712 million) for the same period in 2009.
• Customer deposits of SAR94.2 billion (US$25.1 billion) at 30 June 2010 – an increase of SAR2.7 billion (US$0.7 billion), or 3.0 per cent, compared with SAR91.5 billion (US$24.4 billion) at 30 June 2009.
• Loans and advances to customers of SAR74.8 billion (US$19.9 billion) at 30 June 2010 – a reduction of SAR3.9 billion (US$1.1 billion), or 5.0 per cent, from SAR78.7 billion (US$21 billion) at 30 June 2009.
• The bank’s investment portfolio totalled SAR26.0 billion (US$6.9 billion) at 30 June 2010, an increase of 6.6 per cent compared with SAR24.4 billion (US$6.5 billion) at 30 June 2009.
• Total assets were at SAR120.3 billion (US$32.1 billion) at 30 June 2010, compared with SAR122 billion (US$32.5 billion) at 30 June 2009, a reduction of 1.4 per cent or SAR1.7 billion (US$0.4 billion).
• Earnings per share of SAR1.42 (US$0.38) for the six months ended 30 June 2010 – a reduction of 25.7 per cent from SAR1.91 (US$0.51) for the same period in 2009.
Commentary
The Saudi British Bank (SABB) recorded a net profit of SAR1,068 million (US$285 million) for the six months ended 30 June 2010. Net special commission income decreased by SAR 62 million (US$16.5 million), or 3.5 per cent, compared with the same period in 2009, reflecting a contraction in average loans and advances.
Sheikh Khaled Olayan, Chairman of SABB, said: “The bank's operating income continues to remain robust. This has been a result of the Bank's conscious decision to diversify its income stream in view of market conditions. SABB has continued with its cost containment measures and prudent provisioning, whilst remaining focussed on improving our service propositions to our customers through ongoing investment in SABB’s infrastructure and affiliates. We are committed to supporting our customers and seeking new opportunities for business growth.
“We thank our customers for their continued support and our staff for their commitment and contribution to the bank's success.”
12 July 2010
Standard and Poor’s (S&P), one of the world’s leading rating agencies said it has affirmed its credit rating of The Saudi British Bank (SABB). For the second consecutive year, S&P retains SABB’s rating as A/STABLE/A-1 with a stable outlook.
In its report, S&P states: “The ratings on Saudi Arabia-based The Saudi British Bank (SABB) reflect its solid revenue generating capability derived from its good market position, adequate capitalization, good funding and liquidity profile”
“SABB posted a resilient financial performance in 2009, thanks to the increased volume of corporate lending in recent years, good cost control, low cost of funding, and gradual provisioning efforts. The Bank's good revenue generating capability will likely remain a rating strength” S&P’s report added.
“The stable outlook reflects expectation that SABB will maintain its solid earnings stream and favourable market position, while continuing to benefit from HSBC's technical support”, S&P concluded.
Commenting on the affirmation, DavidDew, Managing Director of SABB, said: “we are pleased with S&P’s rating affirmation and the stable outlook. It is an indication of SABB’s prudent risk management and the scale and diversity of our operations, which have enabled the Bank to absorb increased provisions and to counter some of the global economic challenges”.
30 June 2010
Saudi Arabia remains the most business confident in GCC – up to a level not seen since 2007 according to the latest Gulf Business Confidence Index released by HSBC, SABB’s global banking partner. The survey which tracks business sentiment in all six countries of the GCC, characterises the mood of business people as “realistically optimistic”. Predictions of revenue, maintenance of profits, budgets and meeting the targets all remain positive; and the Index across all six countries remains at its highest for two years.
The survey also reflects that the mood of business people has been trending upwards over the last seven quarters, after a low in late 2008, widely seen as the height of the financial crisis. While many of the markets surveyed have shown only a slight increase against Q1 2010, the upwards trend is more marked when viewed over the past year. From Q1 2009 to date, the overall index has risen by over 15 points to 86. The survey is calculated using the results from Q1 2007 as a base, with a score of 100
Although the overall index remains below the heights of 2007 and early 2008, specific indicators show a positive outlook in key operational areas. Forecast growth for 2010 shows that 43% see an increase in business turnover in the Middle East, 40% see an increase in profit, and 33% are planning to increase investment.
"The index is an excellent indicator of perceived confidence around the region, but I believe the most illuminating details lie in the underlying data,” commented Simon Vaughan Johnson, Regional Head of Commercial Banking, HSBC Group, MENA.
22 June 2010
On the occasion of The World Blood Donor day celebrated 14 June of the year, SABB launched its fourth blood donation campaign in the Kingdom.
The Campaign has been organized for 14-16 June in collaboration with blood bank managements in King Faisal Specialist Hospital (KFSH) in Riyadh and King Fahad Specialist Hospital in Eastern Province.
Ibrahim Abo-Mouti, Head of Corporate Communications, SABB, Said: “Organizing the blood donation campaign on a yearly basis reflects SABB’s belief in the noble cause and objectives that can be achieved in saving lives and in supporting hospitals in light of severe of blood shortage in their blood banks”.
Abo Mouti confirmed the Bank’s commitment to its social responsibility role by cultivating community volunteering among staff by involvement in social and charitable events and responding to related national and universal initiatives. He thanked the officials and the organizers of the Campaign expecting high staff involvement and hope the campaign will gain great success as in previous ones.
21 June 2010
HSBC Saudi Arabia Limited, the investment arm of The Saudi British Bank (SABB) received the “Best Investment Bank in Saudi Arabia Award” from Euromoney magazine. Adel Al-Nasser, board member and Walid Khoury, CEO of HSBC Saudi Arabia received the award at the annual Euromoney Awards for Excellence dinner held in Beirut by Euromoney, which was attended by large number of journalists and representatives from nominated banks and companies.
At the same event, HSBC Middle East Limited received “Best Investment Bank in the Middle East” and “Best Cash Management House in the Middle East” awards. The two Awards for Excellence were received by Mohammad Al Tuwaijri, Head of Global Banking and Markets, MENA, and Simon Vaughan Johnson, Head of Commercial Banking, MENA
The Euromoney Awards for Excellence are acknowledged by the industry as the pinnacle of achievement for wholesale banks. These awards are given to institutions and individuals that demonstrate leadership, innovation, and momentum in the markets in which they operate.
The judges took into account both the breadth and depth of HSBC’s coverage in the region; not only HSBC’s league table positions but also its involvement with many of the market defining transactions of the year across financial products and regions, whether M&A (the merger of Qatar Navigation and Qatar Shipping), Sukuk (lead managing each of Saudi Electric’s benchmark Sukuks), Restructuring (HSBC lead the successful restructuring of Kuwait’s Global Investment House) or leading the IPO of Vodafone Qatar: the largest IPO in the region during 2009.
15 June 2010
HSBC announced the appointment of Mohammad Al Tuwaijri as Head of Global Banking and Markets, Middle East and North Africa (MENA).
Prior to his appointment to HSBC, Mohammad held leading positions with reputable companies in the region. He joined HSBC from JP Morgan where he was most recently Managing Director and Head of Saudi Arabia. Earlier, he spent 12 years with The Saudi British Bank (SABB) where he served in several senior positions and worked last as Head of Treasury.
Commenting on Mohammad’s appointment, Simon Cooper, CEO of HSBC Middle East and North Africa, said: "Mohammad has over 17 years of senior banking experience, of which he spent 12 years in Saudi Arabia. He brings an exceptional track record of performance and achievement to the role and we are delighted to welcome him in HSBC in this important capacity.”
Cooper added: “Mohammad’s prime focus will be on the implementation of the business strategy for Global Banking and Markets in the MENA region. While 2009 was a difficult time for the region, there are signs that it is starting to emerge from the downturn. It is more important than ever that we are well positioned for growth as the most successful wholesale banking franchise in the region. Under Mohammad's leadership, the MENA region will continue to play a key part in delivering Global Banking and Markets' emerging markets-led and financing-focused strategy.”
07 June 2010
SABB received a trophy from the University of Al Yamamah in appreciation of its diamond sponsoring to the second Career Day” end of last week of May at the University Headquarters in Riyadh.
SABB stand attracted large number of the university students and visitors (males & females), which reflects the training and employment offers to students looking for jobs.
SABB General Manager for Training & Development, Dr. .Kassib Al Rashidi in his speech at the event reiterated SABB constant concern for Saudization as the Bank continuously draw up and implement an annual employment plans.
“The plans, however, have been fruitful by achieving many of the Saudization and employment targets as Saudis reached 85% of the total manpower in the bank, for which the Bank received a number of prestigious awards. Achievements did not come from vacuum, but it’s a result of the strategic planning of investment in human resources that attracted many of the Saudi males and females graduates who passed intensive, and an on- going training programmes designed to meet the highest standards of human resources development” Al Rasheedi added..
Al-Rashidi appreciated the notable development in the educational sector and the tendency towards providing the labor market with the required human resources directly.
He also referred to the commendable role played by Al Yamamah University being one of the educational institutions accelerating the development and the progress of the educational sector bridging the special skills gap and providing qualified Saudi calibers to the labor market.
Al Rashidi acknowledged the strategic partnership of SABB & Al Yamamah University, where the Bank and the University cooperated in setting up “SABB Investment Research Center” at the university; a move which reflects SABB social responsibility in supporting education in the Kingdom.
06 June 2010
The Saudi British Bank (SABB) announced today that its subsidiary SABB Securities has been named the best sub-custodian in Saudi Arabia by Global Finance magazine in its 2010 survey. The survey measures the reliability of custody services provided in local markets and regions to global custodians.
“We take pride in receiving the award of best sub-custodian for the fourth time as a testimonial to the services we provide in Saudi Arabia, and we are pleased that our clients have expressed the positive experiences they had from dealing with SABB Securities.” said Adel Al Nasser, Chairman, SABB Securities.
“Sub-custodians provide the specialized services that make cross-border investing possible,” said Joseph Giarraputo, publisher of Global Finance. “We have identified those banks that do the best job of providing the high-quality services, advice and assistance that today’s increasingly sophisticated customers have come to expect.”
The annual survey, now in its seventh year, solicits feedback from Global Finance editors, reporters and other expert sources such as analysts, ratings agencies, consultants, customers and others involved in the industry to assess customer relations, quality of service, competitive pricing, technology platforms and knowledge of local regulations and practices
The global ratings included key banking and financial institutions operating in nine major regions in the world covering 65 countries, and involve a series of advanced evaluation criteria addressing the volume of equities operations, market share, extent of coverage, customer service excellence, and the quality of technology used to provide the service.
Details of the survey results will be published in the July/August edition of Global Finance. The winning banks will be presented their awards at a special ceremony to be held during the Annual Meetings of the IMF and World Bank in Washington DC in October of the year.
SABB Securities provides customers tailored domestic and international equity brokerage services, custody services, securities and clearance services in Saudi Arabia.
06 June 2010
The Saudi British Bank (SABB) announced that the Board of Directors has appointed Mr. Zarir J Cama as board member of the bank representing the foreign partner HSBC Holding BV effective from Wednesday 12 Jumad Thani 1431H corresponding to 26 May 2010 in the vacant position following transfer of Mr. Richard Groves.
The Board of Directors of the bank expressed thanks to Mr. Groves for his valuable contributions during the period of his membership and welcomed Mr. Zarir J Cama wishing him every success.
29 May 2010
DAVID DEW, MGD, SABB Takes up Duty
David Dew, Managing Director, The Saudi British Bank (SABB) takes up his duty effective Wednesday 26 May. David was previously the Deputy Chief Executive of HSBC Amanah and Chief of Administration, Global Banking and Markets, Middle East & North Africa for HSBC.
Prior to that, David served as Chief Operating Officer for HSBC Bank USA and Chief Auditor for HSBC North America. Earlier, David gained his firsthand experience in Saudi Arabia and the GCC when he worked as Deputy Managing Director and Chief Operating Officer of The Saudi British Bank from 2001 to 2004. He is a member of the Board of SABB.
“I am very pleased that we have David Dew as Managing Director of SABB.
With his extensive experience, I am quite confident that he will carry on the great heritage of SABB, put our customers at the forefront of everything we do, and lead the Bank into a new era of sustainable growth.” said Fuad Bahrawi, Acting Chairman of SABB.
Mr. Dew received his MA in Economics from the University of Cambridge in the UK. He joined HSBC in 1977. Previously, he held senior positions with HSBC in Singapore, Italy, Oman and UAE.
SABB was incorporated in 1978 as Joint Stock Company. HSBC Group, one of the world’s largest banking and financial services organisations owns 40% of SABB’s shares with the remaining 60% owned by individual and institutional shareholders in Saudi Arabia.
SABB operates through 90 branches and some 500 ATMs in the Kingdom. It is a full financial services group providing services in the areas of Personal Banking, Corporate Banking, Investment Banking, Private Banking, Islamic Banking, Treasury Services, Equity Brokering and Custody, Mutual Funds, and Insurance.
26 May 2010
SABB Wins Top Award From World Bank's IFC
SABB has become the first bank in Saudi Arabia to win one of the most prestigious awards from the World BankGroup’s International Finance Corporation (IFC) in recognition of its commitment to IFC’s programme to support trade flows between developing countries.
SABB’sDeputy Managing Director, Adel Al Nasser, received the award for “The Most Active Confirming Bank in the MENA Region” from Michael Essex, Director of IFC’s Middle east and North Africa Department, at a ceremony at SABB’s head office in Riyadh.
Since June last year, IFC has provided SABB with more than 275 trade finance guarantees which helped support a number of businesses in sectors like chemicals, plastics, and steel import products from Saudi Arabia, helping increase trade flows.
Speaking at the ceremony, Walid Almurshed, IFC’s Country Manager for Saudi Arabia, said: “Support from banks like SABB helps IFC meet its goal of increasing cross-border trade in order to support private sector growth, helping businesses expand. SABB’s contribution to our programme has been remarkable.
“Our work creates jobs in emerging markets, generates tax revenues, improves corporate governance and environmental performance, and contributes to local communities. With the backing of banks like SABB, we can improve lives, especially for the people who most need the benefits of growth”
Adel Al Nasser responded: “The partnership with IFC is proving rewarding from every angle – we help developing businesses and this helps us grow our own business.
“SABB is proud to gain such strong recognition as a major regional player in the trade finance field from one of the world’s most prominent and influential financial institutions. It further demonstrates the important role SABB is playing in structuring complex trade finance solutions.”
Launched in 2005, the IFC Global Trade Finance Program supports trade with emerging markets worldwide, seeking to increase developing countries’ share of trade and promote cross-border flows of goods and services. The program has provided over $7 billion worth of guarantees to 189 issuing banks in 80 countries, and has held 77 training courses reaching 1,775 bankers in over 30 countries.
23 May 2010
SABB’s “Humanitarian Bed” launched at Sultan Bin Abdul-Aziz Humanitarian City (SBAHC)
SABB’s “Humanitarian Bed” has been launched at Sultan Bin Abdul-Aziz Humanitarian City (SBAHC) in line with the strategic partnership between the bank and the City in providing services to the community.
SABB has sponsored the first “Humanitarian Bed” at SBAHC to afford rehabilitation treatment to handicapped children who need such care and to provide educational services designed to assist in restoring health and function to enable the affected children to return safely to their families.
Commenting on the occasion, Mr. Ibrahim Abo-Mouti said: “The participation of SABB in this project is in line with the bank’s firm belief in social responsibility and the need of the society for such humanitarian initiatives which aim at achieving numerous objectives in more than one aspect including primarily providing of medical and rehabilitation treatment programs for children who need such care besides providing financial assistance to their families to ensure their rehabilitation as healthy members of the community”.
Abo-Mouti praised the excellent projects presented by SBAHC which encouraged the bank to establish social partnership with the City meant to introduce humanitarian and social schemes in various fields. Abo-Mouti further expressed his thanks and appreciation to the officials of SBAHC for providing the opportunity to the bank to participate in this project and contribute to its success and for their keenness to enhance mutual cooperation between the two organizations.
19 May 2010
SABB’s position as the Kingdom’s premier trade finance bank has been further strengthened with the award of Best Trade Finance Bank in Saudi Arabia 2010 by the international specialist magazine, Global Trade Review (GTR).
The award was based on a poll of readers of the magazine. It was the first time that GTR, the world’s leading trade finance journal, had extended its awards scheme to the Middle East.
It was, however, the second trade finance award for SABB this year. A month ago, the Bank was judged the Best Trade Finance Provider in Saudi Arabia for the second year in a row by the highly influential publication, Global Finance.
SABB Deputy Managing Director, Adel Al-Nasser, commented: “These awards confirm the reputation of SABB as the leading financial institution in this field. It is especially pleasing that the GTR award resulted from a poll of readers of the magazine, many of whom are trade finance professionals.”
Adel paid tribute to the staff of the Bank’s Trade Finance unit. “These awards demonstrate that they deliver consistently high levels of expertise, advice and service to their clients. And there is nothing quite so satisfying as having the people we actually deal with day-to-day - our customers - rate you the best in the land.”
11 May 2010
SABB has been awarded the ‘Best Phone Banking Service’ award for Year 2010 in the Middle East. Competing with 6 leading banks in the region, the Bank has won this prestigious title for its call centre from the reputable Banker Middle East magazine.
SBB provides its phone banking services through its state of the art call centre where customers have secured access to banking services, payments, credit card services and investment services round the clock.
Over 180 fully automated services can be accessed without visiting a branch, and a dedicated team of customer service representatives is available to answer customer queries and provide assistance.
The Call Centre also has the dedicated service of ‘Customer Voice’ which enables customers to voice their opinion, suggestions and to file complaints.
Nabil Al Hoshan, General Manager Personal Financial Services, commented: “This accolade is a tribute to SABB’s strategic approach to provide the best services to customers over the phone and to the commitment of the call centre and support staff to our customers by closely meeting their needs through increasingly high quality of services."
“Our phone banking customer base has grown rapidly and the usage of Phone Banking (SABB Direct) has experienced a similar spectacular growth rates. The customer migration to Direct Channels has increased tremendously and phone banking is becoming one of the most preferred channels for our customers as a convenient and cost effective. SABB has the privilege in providing the lowest online transfer charges in the Kingdom of Saudi Arabia.” Al Hoshan added.
SABB is seen as a leader in banking technology Saudi Arabia, the vast majority of customers encounter SABB in some ways through Electronic Banking, The Bank has been providing many automated services, which are not yet been offered by the other competitors in the market.
The automated system provides free real time SMS alerts service on debit and credit as an extra security measure. The banking services offered by the system include inquiries on account balance, latest transactions, a cheque, loan account, term deposit account, request of a statement by mail or by fax, credit card balance, register for SMS service, changing password, payment services including utilities payment, credit card payments, transfer funds between SABB accounts, transfer to saved beneficiaries, local payments and international payments, foreign exchange and interest rate, term deposit interest rate enquiry, mutual fund values, subscription or addition, subscription to initial public offerings and right issues , payments to government agencies and many other services.
9 May 2010
Leaders of Saudi Arabia’s small and medium-sized cross-border trading businesses are among the most optimistic in the world, according to the latest Trade Confidence Index by HSBC, SABB’s global banking partner.
Confidence in the expansion of worldwide trade is growing generally, the study of 17 key markets reveals. But it places the Middle East as the most confident region after the Far East and Saudi Arabia as the second most optimistic in the Arabian Peninsula.
Of 300 Saudi-based respondents to the survey, 71% said that they see the Kingdom’s foreign trade volume increasing in the second half of this year and that their fears about the world economy in general are receding.
Among further signs of optimism, 81% of respondents in Saudi Arabia – more than 3 out of 4 – see the financial health of their suppliers improving and fewer than one in three (31%) believe there is a risk of buyers defaulting on payment while almost half (48%) said that the risk of payment default was falling.
In addition, trust in Saudi banks is increasing as 52% stated that they were turning to banks to overcome the risk of non-payment from buyers.
But respondents were split on the potential impact of exchange rate fluctuations on the country’s import/export businesses. Half feel exchange rates are likely to have some adverse effects but 43% see exchange rates favouring – even strongly favouring – Saudi Arabia’s foreign trade.
The best prospects for trade growth in the rest of 2010, according to the Saudi business leaders, are in China and in the Middle East although they continue to eye the markets in North America and the rest of Asia.
Adel Al Nasser, Deputy Managing Director of SABB, commented: “Trade is playing a key role in the global economic recovery. The strengthening of confidence among these global respondents over the last year is proof of the significance of trade.
“Trade momentum is clearly shifting to the emerging markets, including the Middle East and Saudi Arabia where expanding trade, fuelled by intra-regional activity, continues to boost global economic recovery. However, developed economies, such as the US, that are capitalising on the opportunities in emerging markets are also set to benefit.”
04 May 2010
SABB recorded a net profit of SAR621 million for the quarter ended 31 March 2010 – a reduction of SAR139 million, or 18.3 per cent, compared with SAR760 million for the same period in 2009, an increase of 2288 per cent compared to the three months ended 31 December 2009, which amounted to SAR26 million.
Net special commission income decreased by SAR111 million or 12.6 per cent, compared with the same period in 2009, reflecting a contraction in average asset balances.
Operating income of SAR1,205 million for the quarter ended 31 March 2010 – a reduction of SAR81 million, or 6.3 per cent, compared with SAR1,286 million for the same period in 2009.
Earnings per share of SAR0.83 for the quarter ended 31 March 2010 – a reduction of 17.8 per cent from SAR1.01 for the same period in 2009.
Customer deposits of SAR90 billion at 31 March 2010 – a reduction of SAR6.6 billion, or 6.8 per cent, compared with SAR96.6 billion at 31 March 2009.
Loans and advances to customers of SAR75.7 billion at 31 March 2010 – a reduction of SAR3.6 billion, or 4.5 per cent, from SAR79.3 billion at 31 March 2009.
The bank’s investment portfolio totalled SAR22.4 billion at 31 March 2010, a decrease of 13.5 per cent compared with SAR25.9 billion at 31 March 2009.
Total assets were at SAR120.5 billion at 31 March 2010, compared with SAR132.6 billion at 31 March 2009, a reduction of 9.1 per cent or SAR12.1 billion.
Sheikh Khaled Olayan, Chairman of SABB, said: “I am pleased to report we continue to diversify our income streams, whilst remaining vigilant about cost growth. SABB continues to take a prudent view of provisioning, whilst remaining focused on improving our service propositions to our customers through our investment in SABB’s infrastructure and affiliates. We are committed to supporting our customers and seeking new opportunities for business growth.
"We thank our customers for their continued support and our staff for their commitment and contribution to the bank's success.”
13 April 2010
Within the framework of its programmes in the community, SABB in collaboration with the Business Club at King Saud University participates in the qualification of a group of students of the Business Administration College at King Saud University to enable them enter labor market through “Dale Carnegie” Program which is an integrated program covering skills and behaviors necessary for work.
Dr. Mohammed Al-Hathloul, supervisor of the Business Club at the University said "The commendable trend of supporting the activities in the higher education by the leadership to which King Saud University skillfully responded by restructuring its methodologies to be in harmony with the global standards particularly in the field of specialization of economic and business administration to cope with the economic and financial globalization that would enable the graduates compete in the labor market locally and internationally and also in conformity with the global position of the Kingdom's economy. As such matter requires strengthening good academic perception of the higher education outputs by training the basic skills necessary for entering labor market easily. The initiative of King Saud University’s Business Club emerged with the encouragement of the officials in the University to satisfy such requirement.
Al-Hathloul added "Dale Carnegie institute was selected because it provides the best and latest training programs suitable to the market. In addition to its long experience and rich record in preparing many leaders. The institute started operation by introducing communication skills since 1912. Today Dale Carnegie Programs cover global network of training centers and institutes in 76 countries including Saudi Arabia, employing more than 5000 accredited trainers. The institute is recognized by a number of brilliant businessmen and affluent people worldwide for changing their career.”
Al-Hathloul praised SABB response to the Club initiative which aims at enhancing cooperation between the University and the public and private sector institutions as well as improving mutual interests including development of the skills of the future leaders. This reflect the Bank's leaders understanding of the general benefit that will be achieved from such programs and their positive effect on the longer and shorter run as well as their direct and indirect impact on the labor market.
From his part Ibrahim Abo-Mouti, Head of Corporate Communications at SABB commented "The participation of SABB in this project comes within its belief of the goals the project will achieve and in appreciation of the prominent position of King Saud University as a notable academic giant which have great effect on the educational renaissance and culture in our country". Abo-Mouti praised the initiative of King Saud University represented by the Business Club at the Business Administration College towards the importance attached to the qualification of the newly graduated students or those about to be graduated in the different specializations of the University and prepare them to enter labor market by eliminating the difficulties and obstacles that may face them in their journey for search of job opportunities.
04 April 2010
Mr. Stephen Green, Chairman of the HSBC Group, one of the world’s foremost financial services organizations, has just completed a visit to Saudi Arabia where he met a number of senior government officials and key customers of SABB, HSBC’s associate bank in the Kingdom. He was accompanied by Stuart Gulliver, Executive Director and Chairman, Europe, Middle East and Global Businesses, HSBC Group, and Simon Cooper, Deputy Chairman and Chief Executive Officer of HSBC Bank Middle East.
During his visit, Mr. Green talked with Saudi officials andrepresentatives of the Kingdom’s banking sector and capital markets. His meetings ranged over banking activities in the Kingdom, the promotion of innovative banking and investment initiatives and an exchange of views on the future direction of Saudi Arabia’s financial sector.
Mr. Green also made courtesy calls on some of SABB’s important customers and attended a reception hosted in his honor by SABB Chairman Sheikh Khaled S Olayan which was attended by dignitaries, government officials, customers and senior management of the Bank.. Sheikh Khaled said: “Stephen’s visit has reinforced the close partnership between SABB and HSBC and has confirmed the value to SABB’s customers of having immediate and consistent access to regional and international markets through HSBC.
“During 2010, the relationship will be deepened further as we continue to invest in technology and our people to improve SABB’s customer experience. In addition, we are implementing activities in concert with HSBC that will give our customers greater insight and understanding as they expand their businesses into key markets.”
30 March 2010
SABB participates in combating Global Warming
SABB is participating in the global initiative "Earth Hour 2010", scheduled to take place Saturday, March 27, 2010, to help reduce the emissions of global warming, and combat the threat posed by this phenomenon on planet earth.
The participation of SABB in this initiative comes in support of Saudi Arabia intent to combat the threat posed by the phenomenon of "Global Warming" and which has announced its participation in this campaign, run by "World Wide Fund for Nature" (WWF). It also comes within the framework of "SABB in the Community Programmes" and the contribution of the Bank to environmental awareness, and to develop a spirit of responsibility among individuals and their role towards preserving the environment, and to highlight the leading role of the bank as a friend of the environment.
The campaign aims to emphasize that individual contributions on a mass scale, contributes significantly to better improve the environment in which we live. The initiative calls on individuals and companies around the world to turn off any unnecessary lighting for one hour on Saturday March 27, 2010, from eight o'clock in the evening until nine-thirty pm Saudi Arabia's local time.
It is worth mentioning that "SABB" is taking part in this initiative for the third year in a row, and is one of the initiators among top companies and institutions in Saudi Arabia to participate in "Earth Hour". The Bank has also urged staff members to participate in this global campaign, with the aim of sending a strong message that highlights the need for effective measures to reduce the phenomenon of "global warming".
20 March 2010
The first ever gathering of alumni of the SABB MBA scholarship scheme has been held at the Bank’s head office in Riyadh.
About 30 of the 48 Saudi male and female graduates who have benefited from the initiative over the past 13 years were addressed by SABB Managing Director, Richard Groves, and other senior managers of the Bank.
The scheme, in associate with the British Council, enables Saudi graduates to take post-graduate degrees at some of the UK’s most reputable universities. Five more scholarships will be awarded this year.
The alumni were enthusiastic about the scheme and the gathering. Issam Al-Sheikh, Contract Manager in a major Saudi-Arabian oil company, added: “The SABB scheme changed my life. I was awarded the scholarship at a time when such gifts were very scarce and difficult to get. Studying at a prominent university like the University of Surrey opened doors for me to opportunities I had only dreamt about.”
Dr. Nasser Bin Kadassa, who pursued his doctorate after gaining his MBA in the UK, said: “The SABB scholarship was the crucial factor in enabling me to gain my PhD.”
Khalid Al-Ghadeer, Manager, Fraud Control & Investigation, SABB, said: “The scholarship changed my life and my career as enabled to acquire strategic thinking, and in developing my organizational skills”.
Ibrahim Abo-Mouti, Head of Corporate Communications, SABB said: “The MBA initiative started in 1997 and we are proud of the Bank’s role in contributing to the creation of new generations of Saudi business and public sector leaders through our MBA initiative. “We intend to take this event into a further step by organizing a yearly alumni gathering in order to share with the graduates their experience and vision” Abo-Mouti confirmed.
7 March 2010
The support that SABB has given its corporate customers during these most difficult world economic times has been recognized with the award of one of the financial services industry’s most prestigious honours for the second year in succession.
SABB has been named Best Trade Finance Bank in Saudi Arabia 2010 by the highly influential international publication, Global Finance magazine.
Commenting on the awards worldwide, Joseph D. Giarraputo, publisher and president of Global Finance, said: “Global trade finance volume contracted sharply in 2009, to the extent that lack of financing was part of the reason for a decline in world trade. We have selected the banks [in each country] that stood by their customers during the credit crunch and found innovative ways to lower risk and speed cash flow from international transactions.”
In SABB’s case, customer support in 2009 was highlighted by the creation of the SABB Trade Academy, designed to train corporate customers in better managing and lessening the risks involved in international trade during financial crises. The year also saw SABB working closely with the International Finance Corporation in an innovative initiative to enable customers to continue to win business in very difficult overseas markets.
SABB Deputy Managing Director, Adel Al-Nasser, commented: “Customer care has been our priority throughout these difficult times and that means not only giving them the highest possible level of support but also offering innovative services to help them minimize risk while expanding their businesses. Relationships with corporate customers across our client base have strengthened as a result."
“We are delighted that the value of our trade finance service to businesses in the Kingdom continues to be recognized through this award for the second year running from the leading publication in this field, Global Finance.”
“Our staff can feel proud of this achievement of back-to-back awards. They are a strong acknowledgement of SABB’s efforts to help Saudi business meet the trade finance challenges posed in a difficult economic environment. Trade is the backbone of every economy and therefore we treat our trade finance customers with no less importance and are delighted to see them continuing to thrive in these difficult economic times.” He added.
15 Feb 2010
HSBC Amanah has been named Best International Islamic Bank by Euromoney magazine, in its Islamic Finance Awards 2010.
The Euromoney awards are widely considered to be the most high profile accolades in the Islamic Finance calendar and annually recognise outstanding performance, quality, service, and innovation in the sector.
In addition to being awarded the title of Best International Islamic Bank, Euromoney also named HSBC Amanah Best Sukuk House for the leading role it continues to play in Islamic debt capital markets.
During 2009 HSBC Amanah grew its operations in Saudi Arabia, through SABB, UAE, and Malaysia, while expanding in the key growth territories of Indonesia, Qatar and Bahrain. The business launched HSBC Amanah Premier, the world’s first international Islamic premium banking service and led activity in the Islamic debt capital markets, structuring and lead managing many of 2009’s landmark transactions.
Mukhtar Hussain, Global CEO of HSBC Amanah, said: “Over the last 12 months HSBC Amanah has firmly cemented its status as the premier cross-border provider of Shariah compliant financial services. With the global reach of the HSBC Group at its disposal there is no other bank that can match HSBC Amanah’s cross-border capabilities in either the Shariah compliant retail or wholesale sectors. We are delighted to receive this award from Euromoney in recognition of that fact.”
He added: “I would like to thank our customers, regulators, governments and the industry scholars who continue to drive the Islamic finance industry forward, towards a place where it can offer shariah-compliant products that are as competitive and comprehensive as conventional propositions, wherever in the world they are. This remains an exciting time in the industry and HSBC Amanah looks forward to playing its role."
14 February 2010
Under "SABB in the Community Programmes" The Saudi British Bank in collaboration with the University of Al-Yamamah "YU", established "SABB Investment Research Centre at YU". This initiative comes within the framework of activities carried out by the Bank to advance education in the Kingdom.
The Center has been inaugurated last Tuesday, in a ceremony that took place in the presence of senior officials from both parties, as well as a number of students from the College of Business Administration at "YU".
"SABB Investment Research Centre",aims at helping students and faculty members from "YU", especially students and professors in the College of Business Administration, to conduct research and carry out various projects through direct contact with local and international money markets. SABB Investment Research Centre also allows students to apply the knowledge they acquired in lecture halls, to correspond with the real business environment.
The Centre has been furnished with state of the art equipment; to take full advantage of technology, and achieve the desired goals of training students to compete in the labor and investment markets.
It is worth mentioning that SABB is one of the major banks in the Kingdom, to contribute to society. Education is one of the areas that the Bank focuses on, on the grounds that the success of education is the basis for development, growth and prosperity. These activities include providing grants for postgraduate studies to Saudi graduates, as well as training programs to prepare them for work in the field of banking, in addition to other training programs organized in collaboration with other universities and educational institutions in the Kingdom.
30 Jan 2010
SABB’s new Western Province Management building has been officially opened at an inauguration ceremony in Jeddah, hosted by SABB Chairman, Sheikh Khaled Suliman Olayan, and attended by several members of the board, distinguished guests and senior management.
Sheikh Khaled Suliman Olayan commented on the progress witnessed in the Western Region thanks to the efforts of HRH Prince Khalid Al Faisal, Governor of Makkah Al Mukaramah Region, and HRH Prince Mishaal Bin Majed Bin Abdulaziz, Governor of Jeddah, under the directives of the Custodian of the Two Holy Mosques and HRH the Crown Prince and HRH the Second Deputy Premier. He further commented that the move to the new building demonstrated the Bank’s confidence in the continuing expansion of its business.
“2009 was a challenging year for the financial services industry. However, SABB is strongly positioned to take advantage of opportunities which the expanding Saudi economy will enjoy in 2010” Sheikh Khaled said.
“Indeed, year on year, our business improved in 2009, with operating income increasing encouragingly over the previous year".
“I am confident that our actions last year will be reflected in the continuing development of our business in 2010, whilst maintaining our prudent approach to conducting our business and enhancing the delivery of our services to our valued customers.”
SABB’s new Western Province Management building on King Abdulaziz Road, Jeddah, houses the offices of the area General Manager, regional corporate, personal finance and human resources departments, and includes our latest branch in Jeddah, incorporating a world class Premier center.
The new building is part of the Bank’s on-going plans to provide the latest in bank facilities with highest quality service to its customers while providing our staff with the best work environment, he added. Sheikh Khaled wished Alaa Al Jabri, Area General Manager, and all his staff the very best for the future success of the Bank in the region.
23 January 2010
SABB’s new Western Province Management building has been officially opened at an inauguration ceremony in Jeddah, hosted by SABB Chairman, Sheikh Khaled Suliman Olayan, and attended by several members of the board, distinguished guests and senior management.
Sheikh Khaled Suliman Olayan commented on the progress witnessed in the Western Region thanks to the efforts of HRH Prince Khalid Al Faisal, Governor of Makkah Al Mukaramah Region, and HRH Prince Mishaal Bin Majed Bin Abdulaziz, Governor of Jeddah, under the directives of the Custodian of the Two Holy Mosques and HRH the Crown Prince and HRH the Second Deputy Premier. He further commented that the move to the new building demonstrated the Bank’s confidence in the continuing expansion of its business.
“2009 was a challenging year for the financial services industry. However, SABB is strongly positioned to take advantage of opportunities which the expanding Saudi economy will enjoy in 2010” Sheikh Khaled said.
“Indeed, year on year, our business improved in 2009, with operating income increasing encouragingly over the previous year".
“I am confident that our actions last year will be reflected in the continuing development of our business in 2010, whilst maintaining our prudent approach to conducting our business and enhancing the delivery of our services to our valued customers.”
SABB’s new Western Province Management building on King Abdulaziz Road, Jeddah, houses the offices of the area General Manager, regional corporate, personal finance and human resources departments, and includes our latest branch in Jeddah, incorporating a world class Premier center.
The new building is part of the Bank’s on-going plans to provide the latest in bank facilities with highest quality service to its customers while providing our staff with the best work environment, he added. Sheikh Khaled wished Alaa Al Jabri, Area General Manager, and all his staff the very best for the future success of the Bank in the region.
16 January 2010
The Saudi British Bank (SABB) recorded a net profit of SAR2,032 million for the year ended 31 December 2009 – down SAR888 million, or 30.4 per cent, compared with SAR2,920 million for the same period in 2008.
Net special commission income increased by SAR230 million, or 7.2 per cent, compared with the same period in 2008, reflecting higher average asset balances and improved margins.
Earnings per share of SAR2.71 for the year ended 31 December 2009 – down 30.4 per cent from SAR3.89 for the same period in 2008. Earnings per share for the year ended 31 December 2008 have been adjusted to reflect a 1:4 bonus issue approved at an Extraordinary General Meeting held on 10 March 2009 and reflected in the share register as at close of business on the same day.
Net profit of SAR26 million for the three months ended 31 December 2009 – down SAR631 million compared with SAR657 million for the same period in 2008 and down SAR544 million compared with SAR570 million for the three months ended 30 September 2009.
Operating income of SAR5,160 million for the year ended 31 December 2009 – up SAR248 million, or 5.0 per cent, compared with SAR4,912 million for the same period in 2008.
Customer deposits of SAR89.2 billion at 31 December 2009 – down SAR3.5 billion, or 3.8 per cent, compared with SAR92.7 billion at 31 December 2008.
Loans and advances to customers of SAR76.4 billion at 31 December 2009 – down SAR3.8 billion, or 4.7 per cent, from SAR80.2 billion at 31 December 2008.
The bank’s investment portfolio totalled SAR23.8 billion at 31 December 2009 compared with SAR29.6 billion at 31 December 2008.
Total assets of SAR 126.8 billion at 31 December 2009 – down SAR4.9 billion, or 3.7 per cent, from 31 December 2008.
Commenting on the results, Richard Groves, Managing Director of SABB, said: “SABB’s continued strong operating income and control over costs have enabled the bank to report encouraging profits for the year ended 31 December 2009, however the decreased net profits compared to the net profits of last year are mainly due to the increase in the provisions in line with SABB's continued conservative policy to enhance its financial position".
“We thank our customers for their continued support and our staff for their commitment and contribution to the bank’s success".
13 January 2010
SABB employees are currently participating in a blood donation campaign for the soldiers stationed at the southern borders of the Kingdom. The employees carried out this initiation in recognition of their national duty and in appreciation of the efforts and sacrifices of those soldiers.
The Campaign, which is organized by the Bank at its Head office in Riyadh in collaboration with King Fahd Armed Forces Hospital, was launched last Saturday and will continue up to the end of this week and has witnessed large participation from SABB employees.
Mr. Ibrahim Abo-Mouti.Head of Corporate Communications at SABB, said:” The Campaign comes under the umbrella of the bank’s social responsibility towards the community and inline with the national duty which necessitate active participation in such events to reflect commitment and loyalty between the members of the society. The campaign purposes also include promotion of the spirit of national and social work among the bank’s employees who wish to express their feelings towards the army members for their efforts in confronting the aggressors. Abo-Mouti extended his thanks and appreciation to the contributors and organizers of the campaign on top of whom King Fahad Armed Forces Hospital and SABB employees who participated in the campaign.”
It is worth mentioning that SABB is one of the major leaders of social services in the Kingdom and over several years has paid especial emphasis to develop and enhance its pioneering programs known as “SABB in the Community”. The bank had introduced and encouraged activities supervised by charitable and humanitarian societies in order to achieve their goals and its role is apparent in the activation of social responsibility for companies and individuals. In executing these activities, SABB focuses on three main elements specifically education and development, social programs and environment programs.
10 January 2010
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