Election Of SABB Board Members
The Ordinary General Meeting of SABB convened on Wednesday evening at SABB Head Office in Riyadh to elect the members of the new Board. The Chairman of the Board, Sheikh Abdullah Mohamed Al-Hugail spoke at this occasion highlighting the achievements realised including the increase of SABB profits up to the end of 3rd Quarter 2001 to SAR.639M, an increase of 14% above the figures of the same period of 2000G. He also referred to the increase of SABB capital to SAR 2000M by issuing a bonus share to shareholders thereby fulfilling the promise given in 1995 to double the Bank’s Capital.
Sheikh Al-Hugail stated that such an achievement would not have been realised without the active and positive participation by the members of the Board who made distinguished efforts to support the bank’s development to become one of the most important economic entities.
Al-Hugail regretted that 3 of the existing Board Members did not run for the election for the next term due to their personal circumstances on top of whom stands Sheikh Sulaiman S. Al-Olayan who occupied this office for 3 consecutive terms and continued a member thereafter, during which period he undertook the establishment of the Bank based on his extensive experience which he developed through his financial and international relationships.
Also, Sheikh Omar Abdul Fattah Al-Aggad who remained on the Board for 23 years during which he gave full support and continuous efforts at all different stages of the Bank. The third member is Sheikh Khalifa Al-Molhem who joined the Board since 1987 and headed the Audit committee since 1992, who offered the Bank his extensive experience which he gained through his experience in the Banking field at SIDF and from the different banking courses he attended.
In conclusion, Sheikh Al-Hugail recorded a vote of thanks to the Board members for their distinguished efforts and wished them success. Thereafter, election process started and the following members have been elected for the new term:
1. Abdullah Mohamed Al-Hugail
2. Fouad Abdulwahab Bahrawi
3. Khalid Abdullah Al-Molhem
4. Khalid Sulaiman Olayan
5. Sulaiman Abdulkhader Al-Muhaidib
6. Ahmed Sulaiman Banaja
At the end of the meeting Sh. Hugail thanked the shareholders for their continuous support and hope the new board will carry on their efforts to enhances the role of SABB as an important economic entity and to enable the Bank to offer a distinguished service to customers and increase the shareholders equity.
December 05, 2001
The Saudi British Bank (SABB) has announced that its customers are now able to pay online STC and credit card bills, in addition to other pre-registered payments, over both SABBNET, the Bank’s internet banking service, and SABB Direct, its telephone banking facility.
Mr Sulaiman Al Hamdan, General Manger Personal Banking – SABB, commenting on the new service said: “ SABB has been at the forefront in utilising cutting edge technology to make banking convenient for its customers. With the introduction of online payments our customers can now avoid time consuming visits to the branches for these transactions.”.
In addition to bill payment, through SABBNET and SABB Direct the Bank’s customers can effect money transfers, obtain information on their accounts and credit cards, request account statements and cheque books, follow up currency exchange rates, etc. SABB customers who already use the SABB Direct service can register online for SABBNET without any paperwork using the same PIN. SABBNET can be accessed at the bank’s website and SABB Direct on Toll Free No 800 124 888.
Mr Al Hamdan also added that in addition to the online services, customers also have the option to pay STC bills through the SABB ATMs which are spread throughout the Kingdom -- 24 hours a day 7 days a week.
November 18, 2001
The first prize of The Saudi British Bank (SABB) credit card campaign, a Mercedes S320, was won by Mr Rami Yahya Al Kayali even as a number of other lucky customers took away laptop computers at a draw held in the presence of officials from SABB and the Chamber of Commerce & Industry in Riyadh.
Mr Sulaiman Al Hamdan, General Manager Personal Banking- SABB, speaking on the occasion said: “The Bank is working on developing its customer base through carefully planned and well executed campaigns which offer rewards to customers who acquire SABB VISA or MasterCard cards. This is in addition to a number of other prizes extended to SABB card users such as expensive watch sets, mobile phones. etc.”
SABB credit card holders enjoy a number of financial facilities including acceptance at 18 million outlets worldwide. In addition, they also join the ICSABB Award Scheme whereby card holders are awarded free coupons for card usage which can be used as cash and for deductions at many participating merchant outlets.
October 29, 2001
Highlights
Commentary
The Saudi British Bank (SABB) recorded a net profit of SAR639 million (US$170 million) for the nine months ended 30 September 2001. This represents an increase of 14.1 per cent over the SAR560 million (US$149 million) earned in the same period in 2000.
Customer deposits increased to SAR29.8 billion (US$7.9 billion) at 30 September 2001 from SAR27.6 billion (US$7.3 billion) at 30 September 2000, despite the continuing decline in interest rates.
Loans and advances to customers increased to SAR16.5 billion (US$4.4 billion) at 30 September 2001 from SAR15.7 billion (US$4.2 billion) at 30 September 2000. There has been a slow pick-up in demand for commercial credit while the bank’s personal lending portfolio recorded steady growth.
During the first nine months of 2001, the bank continued to deploy available liquidity in a diversified investment portfolio. As a result, the total value of the bank’s investment portfolio increased to SAR22.0 billion (US$5.9 billion) at 30 September 2001 from SAR17.8 billion (US$4.7 billion) at 30 September 2000.
David Hodgkinson, managing director, said: “Recent events have made the immediate economic outlook less certain, although the future prospects for Saudi Arabia remain positive. The bank’s business outlook also remains positive and our capital and liquidity ratios are strong.
“We have been encouraged by the success of our increased range of products and services, including the recently launched Home Purchase Finance. These are designed to meet the more sophisticated needs of customers, and are delivered efficiently through traditional distribution channels as well as by electronic means.
“We would like to thank our customers for their continuing support, and our staff for their vital contribution to the bank’s success.”
Media enquiries to Abdulaziz Al-Manie [966] (1) 405-0677 Ext 4310 or at abdulazizalmanie@sabb.com
October 16, 2001
The Saudi British Bank (SABB) has sponsored the first exhibition for marketing of plots and houses, and financing for houses, “ Bayti (My Home) Exhibition”, currently being held at the Intercontinental Hotel, Riyadh.
Among those participating in the exhibition are a number of major companies, real estate firms and local banks. SABB’s sponsorship of the event underlines its interest in this sector. The Bank presently offers Al Amanah Home Ownership in cooperation with the Saudi Real Estate Company -- the first product of its kind in the Kingdom and which is fully compliant with Islamic Shariah.
According to press reports on the Exhibition, the estimated value of sales within the real estate sector in the city of Riyadh exceeded SAR 2 billion during last month and is expected to record still further growth in future.
October 7, 2001
The Saudi British Bank (SABB) has announced the launching of the Al Amanah Islamic Charge Card, a major product from the SABB Al Amanah Islamic Banking Services Division and approved by the Bank’s Shariah Committee.
The Al Amanah Card is a charge card which allows purchase of goods and services under easy terms for a fixed period. The Card will be available to all SABB customers holding current or savings accounts or investments in the Bank’s investment funds.
This new card is part of the Bank’s strategy of providing value-added services compliant with Islamic Shariah. SABB had earlier launched Al Amanah Home Ownership, the first product of its kind in the Kingdom’s banking sector, and also the Al Amanah Islamic current account.
September 10, 2001
The Saudi British Bank (SABB) has announced the introduction of the Al Amanah Current Account, an Islamic product fully compliant with the principles of Islamic Shariah, providing its customers with yet another value added service.
Mr Adel M Al Nasser, General Manager Commercial & Corporate Banking, said: “The Al Amanah Current Account, the first Islamic current account in the Saudi banking sector, is yet another sign of SABB’s continued determination to provide quality Islamic banking products through its Al Amanah Islamic Banking Services Division. The Divison is now in the process of developing a complete range of integrated Islamic products.”
Mr Al Nasser added, “Customers opening the Al Amanah Current Account will be eligible for a variety of SABB banking services including SABBNET – the Bank’s Internet banking service. Earlier, SABB in collaboration with Al Akaria had launched the Home Lease, another Islamic product in compliance with Islamic Shariah - which again was the first of its kind in the Saudi market.
August 26, 2001
The Saudi British Bank (SABB) has announced the selection of five candidates to be sponsored for post-graduate MBA courses in the UK under the SABB Scholarship Scheme for 2001-2002. The five Saudis who come from varied backgrounds and different employers will start their courses in September this year.
Mr Bleihid N Al Bleihid, Senior Executive Human Resources, said: 'The SABB Scholarship Scheme underlines the Bank’s deep rooted interest in the long term development of the Kingdom and its people. SABB was the first Saudi company to introduce such an educational programme, in 1997, enabling Saudis to obtain higher education in the UK. And, around 19 Saudis have been provided scholarships under the Scheme by SABB till now.'
Mr Al Bleihid added, 'Saudi companies and institutions, regardless of their activities, should involve themselves in the educational development of the Saudi citizens following the example set by SABB which has established this ambitious Scheme in spite of the fact that its principal interest is in commercial and investment banking services.'
The SABB Scholarship Scheme is offered in collaboration with the British Council, and the applications for 2002-2003 will be called for later this year.
July 31, 2001
In line with its commitment to introduce the latest banking technology to meet customer requirements, The Saudi British Bank (SABB) has recently launched a low limit Internet Card to facilitate convenient shopping for its customers at more than two million sites on the Web.
Speaking at the launch of the Internet Card, Mr Sulaiman Al Hamdan, General Manager Personal Banking, said: “In view of the continued increase in the number of Internet users and the increasing trend of online shopping, SABB has introduced this Card utilising cutting edge technology to provide its customers with utmost convenience. This Card is designed for use on the Internet only and cannot be used at ATMs or commercial outlets.”
Highlighting the advantages of the Card, Mr Al Hamdan added, “the SABB Internet Card is a modern service that provides convenience, and expedites Internet shopping. The low credit card limit minimises the risks of any misuse. Furthermore, it represents an additional service to SABB credit card holders.”
July 22, 2001
Highlights:
Commentary
The Saudi British Bank (SABB) recorded a net profit of SAR422 million (US$113 million) for the six months ended 30 June 2001. This represents an increase of 17.1 per cent over the SAR361 million (US$96 million) earned in the same period in 2000.
Customer deposits increased to SAR30.5 billion (US$8.1 billion) at 30 June 2001 from SAR28.1 billion (US$7.5 billion) at 30 June 2000, reflecting increased liquidity in the economy.
Loans and advances to customers increased to SAR16.1 billion (US$4.3 billion) at 30 June 2001 from SAR15.1 billion (US$4.0 billion) at 30 June 2000. The bank’s personal lending portfolio showed positive growth.
During the first six months of 2001, the bank continued to deploy available liquidity in a diversified investment portfolio to take advantage of market opportunities. As a result, the total value of the bank’s investment portfolio increased to SAR21.4 billion (US$5.7 billion) at 30 June 2001 from SAR16.0 billion (US$4.3 billion) at 30 June 2000.
David Hodgkinson, managing director, said: “We have seen several positive developments in the Saudi economy during the first half of the year. Strong oil prices coupled with gas development initiatives have contributed to increased economic confidence.
“Our results for the first six months are encouraging as our operating revenues are holding up despite the low interest rate environment. Investment portfolio disposals have resulted in gains. Our capital and liquidity ratios remain strong, and the bank has continued its prudent loan loss provisioning policy.
“The growth in customer deposits is also positive, especially as we seek to offer our customers enhanced products and superior service. We have launched Al Amanah Home Lease, a unique product which provides Saudi nationals the opportunity to acquire homes. This is the first of its kind in the Kingdom and is fully compliant with Islamic Shariah. SABBNET, our internet banking product, has been well received. Our aim is to provide customers with a full range of products and services delivered efficiently through traditional distribution channels as well as by electronic means.
“The Board of Directors has approved the payment of an interim net dividend of SAR5 per share (gross dividend SAR5.27 per share). However, it should be noted that the amount of interim dividend distributed for the first half does not necessarily reflect the year-end dividend.
“As always, we are grateful for the support of our customers and the contribution of our staff over this period.”
Media enquiries to Abdulaziz Al-Manie [966] (1) 405-0677 Ext,4310 or at abdulazizalmanie@sabb.com
July 11, 2001
The Saudi British Bank (SABB) has announced that the distribution of interim dividends to its shareholders would commence from the current year. This follows the amendment of Article 48 of the Articles of Association for payment of dividends, and the official announcement of the initiative in February 2001.
Mr Abdullah Mohammed Al Hugail, SABB Chairman, conveying the Bank’s decision said: ‘The move which was endorsed by the Extra-ordinary General Meeting in March emphasises the keenness of the Board to support any action which brings benefit to its shareholders.
‘However, the amount of interim dividends distributed during this half does not necessarily reflect the year end dividends as the Bank follows a conservative policy in distribution of profits as per international practices,’ Mr Al Hugail added.
SABB had posted a SAR 743 million profit in 2000, 12.4 % higher than registered the previous year. During 2000, SABB had also paid a net dividend of SAR 13 per share in addition to the issue of a bonus share for each four held shares. Net Income per share had amounted to SAR 23.20 in 2000 up from SAR 20.64 in 1999.
In announcing the 2000 dividends, the SABB Chairman had commented, ‘the new Saudi Budget statement, which projects an increase in government spending during 2001 indicates a positive economic scenario’.
July 1, 2001
The Saudi British Bank (SABB) has been awarded the Silver Sword Award for having run the best integrated advertisement campaign during the year 2000 at an Award ceremony organised by the Saudi Research and Marketing Company.
Abdulaziz Al Manie, Senior Manager Public Affairs – SABB, speaking at the ceremony said: ‘the SABB campaign “at the heart of the community”, created and executed by Afkar Promoseven, Riyadh, indicates the Bank’s commitment to utilise all possible means to enhance its relationship with its customers. SABB’s goal is to “put the customer first”, therefore it is not surprising that we always strive to be ‘at the heart of the community’.
Al Manie added, ‘with the Award having been decided by a committee consisting of a number of world renowned advertisement experts, it will only encourage us to further develop our marketing services and advertising campaigns, with the support of our shareholders, customers and staff.’
June 16, 2001
The Saudi British Bank (SABB) and the Saudi Real Estate Company (Al Akaria) have jointly launched Al Amanah Home Ownership, a unique product providing Saudi nationals the opportunity to acquire homes by way of leasing with a promise to sell the property to the tenant. The first product of its kind in the Kingdom, Al Amanah Home Ownership is fully compliant with Islamic Shariah.
Al Amanah Home Ownership, which has been jointly launched by SABB and Al Akaria under a Musharaka agreement will see the tying up of the experience and capabilities of Al Akaria in the field of housing and commercial projects with SABB’s competency in the field of financing economic projects to meet the demand for housing in Saudi Arabia.
The new product has been developed by SABB and Al Akaria in recognition of the aspiration and demand of a large segment of citizens for residential properties which will now be available under easy term facilities.
June 9, 2001
The Saudi British Bank (SABB) has launched the SABBNET service over the Internet enabling all customers to conduct on-line banking transactions involving their personal accounts and credit cards.
Through SABBNET, which is a free service, customers would be able to transfer money between their accounts, obtain information on their credit cards, request account statements, follow up foreign currency exchange rates and apply for personal loans or Murabaha Purchase Finance.
Customers can access our Internet banking services SABBNET from this website, and they will also be able to obtain replies to their queries and comments directly.
Speaking on the new service, General Manager Personal Banking Sulaiman Al Hamdan said: "We take pride in our keenness to provide maximum convenience for our customers in their banking transactions using cutting edge technology. In addition to providing highest quality personal banking services, SABBNET assures complete confidentiality and security of transactions."
June 2, 2001
Sheikh Abdullah Bin Manea, Member Board of Senior Scholars Committee for Fatwa, Sheikh Dr. Abdullah Al Mutlaq, Professor Comparative Fiqh, Higher Education Institute – Imam Mohammed Bin Saud University, and Sheikh Dr. Mohammed Al Garni Bin Eid, Head of Islamic Economic Center – King Abdulaziz University, have joined The Saudi British Bank (SABB) Sharia Legislative Board which oversees the Islamic Banking Services offered by SABB.
Speaking on the event, Mr Abdullah M. Al Hugail, SABB Chairman, said: ‘Islamic Banking has achieved tremendous growth in the last ten years, and has been a marked success, especially at the international levels. SABB, which has been promoting Islamic products and services for some years now, aims to benefit from this growth by developing more services conforming to Islamic Banking, overseen by the Sharia Board’.
He added that in line with SABB’s determination to expand its Islamic Banking services and enhance its operations the Bank has decided to establish an independent unit ‘Al Amanah Islamic Banking Department’. The Department will work closely with the Sharia Board, enforcing Board decisions and obtaining its opinions in order to ensure compliance to Sharia law.”
May 15, 2001
In appreciation of The Saudi British Bank’s (SABB) efforts to support Saudisation through employing and supporting graduates from the Institute of Public Administration (IPA) the Deputy Governor of Riyadh, HRH Prince Sattam Bin Abdulaziz, presented the Bank with the IPA ‘Golden Shield’.
Mr Bleihid N Al Bleihid, Senior Executive Human Resources – SABB, expressed his pleasure at winning the Award for the second time in three years. He stated that, “the presence of the Deputy Governor at the IPA function sponsored by HRH Prince Naif Bin Abdulaziz, the Minister of Interior and Chairman of the Manpower Council indicates the importance given by the Kingdom’s Government to the Saudisation initiative, and that is what we look forward too”. The Saudisation ratio at SABB, Mr Bleihid said, “now stands at 74%, the Bank is also a sector leader in employing Saudi females who now form 11% of the total staff complement”.
“We are also proud of having been extended the appreciation Award for participation in the Employment Forum on the occasion of the Fifth Graduation ceremony, and the Institute’s shield for co-sponsoring the function”, Mr Blehid added.
May 5, 2001
Highlights:
Commentary:
The Saudi British Bank (SABB) recorded a net profit of SAR196 million (US$52 million) for the quarter ended 31 March 2001. This represents an increase of 11.2 per cent over the SAR176 million (US$47 million) earned in the same period in 2000.
Customer deposits increased to SAR30.2 billion (US$8.1 billion) at 31 March 2001 from SAR26.3 billion (US$7.0 billion) at 31 March 2000 as liquidity in the economy increased.
Loans and advances to customers at SAR16.3 billion (US$4.3 billion) increased by SAR0.9 billion (US$0.2 billion) from 31 March 2000.
The total value of SABB's investment portfolio increased to SAR18.3 billion (US$4.9 billion) at 31 March 2001, from SAR13.1 billion (US$3.5 billion) at 31 March 2000. The bank has taken advantage of market opportunities to deploy available liquidity in a diversified investment portfolio.
David Hodgkinson, managing director, said: "The initial signs of a global economic slowdown have not had an impact on the local economy and business levels have remained stable.
"The results for the first quarter of 2001 were achieved despite a decline in interest rates during the period, and the increase in operating income is encouraging. We thank our customers for their continued support and our staff for their dedicated efforts."
Media enquiries to Abdulaziz Al-Manie [966] (1) 405-0677 Ext 4310 or at abdulazizalmanie@sabb.com
April 18, 2001
Highlights:
Commentary
The Saudi British Bank (SABB) recorded a net profit of SAR743 million (US$198 million) for the year ended 31 December 2000. This represents an increase of 12.4 per cent over the SAR661 million (US$176 million) earned in 1999.
Customer deposits increased to SAR28.4 billion (US$7.6 billion) at 31 December 2000 from SAR25.7 billion (US$6.9 billion) as customers responded positively to enhanced products and services.
Loans and advances to customers at SAR15.6 billion (US$4.1 billion) were unchanged from 31 December 1999 as the demand for new facilities and increased personal lending was offset by the scheduled repayment of corporate loans.
The total value of SABB's investment portfolio increased to SAR18.4 billion
(US$4.9 billion) at 31 December 2000, from SAR11.7 billion (US$3.1 billion) at 31 December 1999. The bank has taken advantage of market opportunities to deploy available liquidity in a diversified investment portfolio.
David Hodgkinson, managing director, said: "Economic confidence has been buoyed by increased oil prices in 2000. The recent Saudi government budget, which envisages higher expenditure in 2001, is a welcome indicator of a positive economic outlook.
"Results for the year were in line with our expectations. There has been a steady increase in operating revenues from a wider range of products and services. Our aim is to provide customers with a choice which meets their increasingly sophisticated requirements and which is offered through a variety of delivery channels. We are grateful for the support of our customers and thank our staff for their efforts.
"In the light of this year's results, the Board of Directors is recommending a net dividend of SAR13.0 (US$3.5) per share and a bonus issue of one share for every four already held."
Media enquiries to Abdulaziz Al-Manie [966] (1) 405-0677 Ext 4310 or at abdulazizalmanie@sabb.com
January 29, 2001
