The Saudi British Bank Recommends Dividend Of SAR11 (US$2.93) Per Share For The Second Half Of 2003
The Board of Directors of The Saudi British Bank has recommended a final net dividend for 2003 of SAR11 (US$2.93) per share.
This follows the payment in August 2003 of an interim dividend of SAR9 (US$2.4) net per share, making a total net dividend for 2003 of SAR20 (US$5.33) per share compared to SAR16 (US$4.26) in 2002.
The final net dividend for 2003 of SAR11 (US$2.93) per share will be distributed to shareholders upon approval of the Board’s recommendations at the bank’s Annual General Meeting.
Total gross dividends for 2003 will amount to SAR832 million (US$222 million) which represents an increase of 25 per cent over the total gross dividends distributed in 2002.
Sheikh Abdullah Al Hugail, chairman of The Saudi British Bank, said: “The increase in the dividend distribution is a result of the bank’s continuous efforts to grow return on shareholders funds. It also reflects recent successes, including the winning of two Euromoney awards, ‘Best Bank in Saudi Arabia’ and ‘Best Equity House in Saudi Arabia’, and the successful management of the Saudi Telecom Company (STC) IPO in 2003.”
Media enquiries to:
Abdulaziz Al-Manie
The Saudi British Bank
Tel: +966 (1) 405-0677 Ext. 4310
Email: abdulazizalmanie@sabb.com
19 December 2003
The Saudi British Bank Third Quarter 2003 Results
Highlights
Commentary
The Saudi British Bank (SABB) recorded a net profit of SAR912 million (US$243 million) for the nine months ended 30 September 2003. This represents an increase of 24.0 per cent over the SAR736 million (US$196 million) earned in the same period in 2002. Earnings per share increased to SAR22.80 (US$6.08) compared to SAR18.39 (US$4.90) in the same period last year.
Customer deposits increased to SAR36.3 billion (US$9.7 billion) at 30 September 2003 from SAR34.2 billion (US$9.1 billion) at 30 September 2002.
Loans and advances to customers were higher at SAR24.1 billion (US$6.4 billion) at 30 September 2003 from SAR19.3 billion (US$5.1 billion) at 30 September 2002.
The bank’s investment portfolio totalled SAR19.6 billion (US$5.2 billion) at 30 September 2003, a small increase from SAR19.4 billion (US$5.2 billion) at 30 September 2002.
Geoff Calvert, managing director, said: “The Saudi British Bank has continued to build on its solid first-half performance. Operating revenues have continued to grow, particularly non-funds income which has benefited from buoyant local equity markets. Our capital and liquidity positions remain strong.
“We continue to experience strong demand for all our banking services, particularly in our Al Amanah Islamic services. Strong growth in both personal and corporate lending has continued, while at the same time asset quality has been maintained.
“The bank is proud to have received awards recently for the ‘Best Bank’ and the ‘Best Equities House’ in Saudi Arabia from Euromoney magazine. This success is a reflection of our commitment to putting our customers first.
“We thank our customers for their support and our staff for their commitment and contribution to the bank’s success.”
Media enquiries to:
Abdulaziz Al-Manie
The Saudi British Bank
Tel: +966 (1) 405-0677 Ext. 4310
Email: abdulazizalmanie@sabb.com
Click here for the Third Quarter 2003 Financial Statements
14 October 2003
SABB Hosts Security & Investigation Financial Course Delegates
The Saudi British Bank (SABB) received a delegation from the 10th Qualifying Financial Training Course to Security & Investigation sectors organized by SAMA's Institute of Banking (IOB) today, Sunday, October 05th 2003. The trainees will utilise the visit to acquaint themselves with the Bank's advanced mechanisms and procedures to contain fraud, money laundering, etc. and will have extensive interaction with SABB's legal and audit department staff.
Mr Abdulaziz Al Manie, Senior Manager Public Affairs – SABB, welcoming the IOB delegation stressed the Bank's interest in encouraging such visits and said: " I urge all the delegates to avail of this opportunity to your maximum benefit by studying closely SABB's procedures in controlling fraud and money laundering."
Mr Al Manie also praised SAMA officials who had been keen to conduct such courses along with national banks because these courses strengthened the regulatory procedures of the Saudi banking sector, even while enhancing the cooperation and coordination between banks and the Security & Investigation sectors.
08 October 2003
170 Students Completes Summer Training At SABB
170 students, male and female, have completed their summer training at SABB under the summer training programme organised by the Bank every year.
Bleihid N Al Bleihid, General Manager Human Resources – SABB, said: “The summer training programme aims to prepare the students for the future, helping them to develop skills for different activities at the Bank’s varied departments, and branches. Female students, meanwhile, are being trained at different Ladies Sections.”
Al Bleihid added, “Spending the summer training at SABB, fulfills the needs and requirements of the students, and helps in raising their knowledge and efficiency, even as they earn an appropriate remuneration during their training period.”
26 August 2003
The Saudi British Bank (SABB) – Economic Bulletin 1Q’03
The Saudi British Bank (SABB) has issued its latest bilingual (Arabic and English) Economic Bulletin, Issue No.28 - for the first half of 2003.
In this bulletin the economics of oil, Saudi economy in long-term are discussed in detail and examines growth of money supply.
15 June 2003
Mohammed Al-Yahya Appointed as Chief Executive Officer of HSBC Bank Middle East – Lebanon
In a significant move by The Saudi British Bank (SABB), the services of Engineer Mohammed Bin Abdullah Al-Yahya have been seconded to The HSBC Group, SABB's foreign partner, in the capacity of Chief Executive Officer of HSBC Bank Middle East – Lebanon. Al Yahya is the first Saudi to take over such a senior position with The HSBC Group.
Sheikh Abdullah Al-Hugail, Chairman of SABB expressed his happiness on this appointment and said: "This move is integral to SABB's serious efforts to enhance the expertise of qualified Saudi cadres and to avail them of all emerging opportunities to take over leading positions at all levels and fields thereby gaining stronger bases for a better future".
Sheikh Al-Hugail lauded Al-Yahya's career path at SABB. Al-Yahya joined SABB in 1984 and held number of senior positions, including General Manager Internal Audit and Area General Manager, Central Province.
Al-Yahya was seconded earlier to The HSBC Group for one year where he worked in Hong Kong, as part of a program for development of Saudi cadres organised by SABB.
04 August 2003
SABB Honoured With Two Prestigious International Awards
The Saudi British Bank was honoured with awards for the 'Best Bank' and the 'Best Equities House' in Saudi Arabia at the Euromoney magazine's annual awards ceremony held on 10th July in London.
Commenting on the award, the Chairman of The Saudi British Bank (SABB), Sheikh Abdullah Al Hugail, expressed his delight at the achievement and said that he considered it a success for SABB's customer-first policy. He noted that the recognition conferred on SABB was a reflection of the emphasis placed by the Bank on providing high quality service to its customers, which has always been its top priority.
Sheikh Hugail added that the customer-first policy at the bank had succeeded at various levels, the most recent being the Saudi Telecom Company (STC) Initial Public Offering (IPO), where SABB was mandated as flotation manager by the Public Investment Fund due to its excellent technical capabilities. SABB also acted as a subscription Bank and was ranked first among all Saudi banks, capturing over 32% of the total value of subscriptions in the highly successful IPO. SABB was also the top broker on the Saudi Stock Exchange in 2002.
At the same time, SABB's Managing Director, Mr. Geoff Calvert, also expressed his delight at the bank's success in the awards ceremony and thanked all staff for their contribution to a great team effort. He noted that the prestigious awards were recognition of the bank's efforts across a wide range of areas, including customer service, recruiting and training Saudi employees who now contributes 78% of the staff and using state-of-the-art technology that facilitates the provision of a wide range of financial products and services.
22 July 2003
The Saudi British Bank First Half 2003 Results
Highlights
Commentary
The Saudi British Bank (SABB) recorded a net profit of SAR565 million (US$151 million) for the six months ended 30 June 2003. This represents an increase of 16.1 per cent over the SAR487 million (US$130 million) earned in the same period in 2002. Earnings per share increased to SAR14.13 (US$3.77) compared to SAR12.17 (US$3.25) for the same period last year.
Customer deposits increased to SAR36.5 billion (US$9.7 billion) at 30 June 2003 from SAR33.1 billion (US$8.8 billion) at 30 June 2002.
Loans and advances to customers were higher at SAR23.3 billion (US$6.2 billion) at 30 June 2003 from SAR18.6 billion (US$5.0 billion) at 30 June 2002, reflecting strong growth across all customer segments, especially in personal financial services.
The bank’s investment portfolio totalled SAR19.6 billion (US$5.2 billion) at 30 June 2003, a decrease from SAR21.5 billion (US$5.7 billion) at 30 June 2002, as proceeds from maturing investments were used to meet the strong growth in loans and advances.
Geoff Calvert, managing director, said: “The bank’s strong performance in the first six months of the year is especially encouraging given recent events in the region. Growth in operating revenues has been achieved and operating costs have been contained, while the bank continues to invest in its infrastructure. Our capital and liquidity ratios remain sound.
“All areas of the bank are performing well, particularly personal financial services and corporate banking, as the bank continues to focus on customer service.
“Growth of our Al Amanah Islamic Services has been strong and new products have been successfully introduced to meet an increasingly sophisticated market for Shariah compliant products.
“The Directors have approved the payment of a net interim dividend of SAR9.00 per share (gross dividend SAR9.35 per share). This represents a total gross interim dividend payout of SAR374 million, an increase of 12.5 per cent over the same period last year.
“We thank our customers for their support, and our staff for their commitment and contribution during this period.”
Media enquiries to:
Abdulaziz Al-Manie
The Saudi British Bank
Tel: +[966] (1) 405-0677 Ext. 4310
Email: abdulazizalmanie@sabb.com
Click here for the First Half 2003 Financial Statements
July 15, 2003
SABB Selects Scholarship Candidates
The Saudi British Bank (SABB) has announced the selection of candidates to be sponsored for post-graduate MBA courses in the UK under the SABB Scholarship Scheme for 2003-2004. The candidates all of whom are Saudis come from varied backgrounds and different employers - will start their courses in September of this year.
Mr Bleihid N Al Bleihid, General Manager 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 program, in 1997, enabling Saudis to obtain higher education in the UK. On completion of their respective courses candidates are free to join any organisation of their choice. Around 26 Saudis have been provided with 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."
12 July 2003
The Saudi british bank Distributes SAR374 Million As Gross Interim Dividend – 2003
The Board of The Saudi British Bank (SABB) has announced the distribution of a net interim dividend of SAR9 per share after deduction of Zakat. This will result in a total gross interim dividend pay out of SAR374 million.
Dividend cheques will be issued on Wednesday, 6 August 2003 to shareholders registered on the bank’s records on Monday, 21 July 2003. This represents an increase of 12.5 per cent over the same period last year.
The dividend amount will be credited to accounts of shareholders who have instructed SABB to do so. Other shareholders who maintain accounts with SABB and wish to have their dividend amount credited to them, should provide the share registry with their account details. Dividend cheques will be sent by mail to all other shareholders with full addresses listed in the shareholders’ registry.
30 June 2003
The Saudi british bank Distributes SAR374 Million As Gross Interim Dividend – 2003
The Board of The Saudi British Bank (SABB) has announced the distribution of a net interim dividend of SAR9 per share after deduction of Zakat. This will result in a total gross interim dividend pay out of SAR374 million.
Dividend cheques will be issued on Wednesday, 6 August 2003 to shareholders registered on the bank’s records on Monday, 21 July 2003. This represents an increase of 12.5 per cent over the same period last year.
The dividend amount will be credited to accounts of shareholders who have instructed SABB to do so. Other shareholders who maintain accounts with SABB and wish to have their dividend amount credited to them, should provide the share registry with their account details. Dividend cheques will be sent by mail to all other shareholders with full addresses listed in the shareholders’ registry.
30 June 2003
SABB launches Direct Banking Services Campaign
As part of its initiatives to further enhance its products and services to customers, and in view of the success achieved by SABB Direct banking services, The Saudi British Bank (SABB) has launched a special campaign to meet the increasing demand for SABB Direct banking services, which have been designed to save customers time, efforts, privacy and ensure convenience. With SABB Direct banking services customers can conduct a wide range of banking transactions safely, with minimum efforts and maximum speed round the clock within the Kingdom and around the world through different delivery channels, including ATM network, SABBDirect, Telephone Banking and Internet (SABBNET).
SABB Direct banking services enables customers to perform a wide range of banking transactions such as balance inquiry, immediate account statement by fax, fixed deposit rate and foreign exchange rate inquiry, instructions on stop cheque, cheque book request, amend personal details, cheque deposit, transfer of funds to any part of the world and bill payment through the drop boxes at main locations and cash deposit at some ATMs.
In addition through SABB Direct Banking services customers can also inquire credit card balance, request credit card statement, report missing card and perform payment services including fund transfer to their own or third party accounts with SABB branches throughout the kingdom, transfer to card accounts and payment of electricity and telephone bills. Customer can now avail 25% discount on transfer charges through SABBDirect and SABBNET.
29 June 2003
The Saudi British Bank (SABB) – Economic Bulletin 1Q’03
The Saudi British Bank (SABB) has issued its latest bilingual (Arabic and English) Economic Bulletin, Issue No.27 - for the first quarter of 2003.
In this bulletin the economics of the war in Iraq, perspective on domestic investment since 1996 are discussed in detail and examines new data on foreign remittances.
15 June 2003
SABB Launches Al Mutamayazah Gold Programme for Ladies
The Saudi British Bank (SABB) has launched the Al Mutamayazah Gold programme to meet the expectations of ladies customers and to offer them a highly distinguished standard of personalised banking service, emphasising the excellence our ladies customers deserve. The launch highlights the Bank’s keenness to offer a high standard of hospitality to members of this programme under which they are received by officers of Al Mutamayazah Gold team at ladies branch/sections to enable them to perform their banking transactions in a comfortable atmosphere of absolute privacy and confidentiality.
The new programme offers a private banking portfolio consisting of a complete package of banking and investment services such as: Al Mutamayazah Gold ATM Card, SABB Credit Card, SABBDirect Round-the-Clock telephone service, full Internet banking services via SABBNET to save time and efforts of customers, the standing instructions service under which instructions for transfers or payment of instalments can be performed automatically. The scheme also comprises SABBINVEST service through a dedicated ladies’ Investment Centre in Riyadh.
In addition, the programme provides many advantages most important of which is Al Mutamayazah Account Rewards, which offers gift coupons and discounts based on the monthly account balance. The coupons can be redeemed at more than 50 international brands participating outlets in the program. In addition, travel medical insurance, safe deposit lockers, financial planning through Al-Sharooq programs developed in liaison with ALICO to help ladies plan for a secured financial future are also available under the Al Mutamayazah Gold programme.
14 June 2003
SABB Launches NASDAQ BONUS FUND For Investors With Total Security and Growth
The Saudi British Bank (SABB) have launched its SABBINVEST Capital Guaranteed Nasdaq Bonus Fund, the fund offers investors the potential to earn with 100 per cent capital security plus a minimum 10 per cent guaranteed return at maturity, regardless of overall market performance.
The fund offers a unique feature that fully invests in best performing companies within the index and spreads money over a wide range of sectors and not investing directly into a small number of individual companies, which substantially reduces the risk. The SCGF is a Saudi Riyal denominated index-linked mutual close end fund with lock-in period of five years, with a minimum investment requirement of Saudi Riyals 10,000.
Nasdaq Bonus Fund gives an opportunity to double the investment with peace of mind in turbulent market conditions. The limited offer closes on 30 June 2003.
04 June 2003
SABB Launches Al Tomooh (Ambition) Product for Children
SABB has recently launched Al Tomooh product designed exclusively to target children. The new account bears unique features to help parents/guardians plan for the future of their children to secure promising future and encourage them to plan and bear responsibility at an early age.
Besides encouraging children to save, the new account provides a wide range of services for children, the features of the package includes passbook saving or a statement saving, Al Dowalli (optional), rewarding returns, access through SABBDirect, SABBNET. In addition the currency of account could be Saudi Riyal or in any other principal currency of USD, GBP & EUR. Upon opening of account the customer will receive a gift coupon certificate redeemable at City Plaza stores in the Kingdom.
Mr Sulaiman Al-Hamdan, Deputy Managing Director Financial Services, said: “SABB is a long-time supporter of education and has always encouraged people to plan for their future. The aim of the new initiative is to develop long-term banking relationships with the younger generation.”
The product is the latest addition to SABB growing line of products and services to meet the future expectations of its customers to enhance the customer service concept and provide the appropriate service that meets customers’ requirements.
24 May 2003
SABB Holds Staff Annaual Party
The Saudi British Bank (SABB) has recently held the Annual Party for its Head Office and Central Province staff at the Nayyara hall, a function which was attended by the Mr David Hogdkinson, Managing Director. Present at the function also were Mr Geoff Calvert, New Managing Director; Mr Sulaiman Al-Hamdan, Deputy Managing Director - Financial Services; David Dew, Executive Director & Chief Operating Officer and other SABB Senior Executives.
Mr Abdulaziz Al-Manie, Senior Manager Public Affairs, said: “The SABB Annual Party celebrations are in appreciation of the role its employees play in furthering the Bank’s interests through their professionalism and dedication to customer needs and interests. These occasions provide employees a relaxed atmosphere to interact with each other thereby building relationships and cooperation between them. The function is also an excellent venue to honour staff members with long-service awards.”
In addition to the awards presentation, the party schedule included an address by Mr David Hodgkinson, distribution of a number of lucky prizes and entertainment.
19May2003
SABB reception for New Managing Director
The Saudi British Bank (SABB) held a reception to bid farewell to Mr David Hodgkinson, Managing Director, The Saudi British Bank (SABB), and to welcome Mr Geoff Calvert as SABB’s new Managing Director, on 13May’03 at Riyadh Equestrian Club.
Sheikh Abdullah Mohamed Al Hugail, Chairman – SABB, welcomed the invitees who included a number of officials, customers and journalists, and said, “The Bank is happy to have Mr Geoff Calvert to head it. The wealth of experience he has in his career including four years in Riyadh/Jeddah previously will benefit SABB and assist him in building up the Bank operations still further.” He also thanked Mr Hodgkinson, who had contributed to maintaining SABB at the forefront of Saudi Banking since joining in September 1999.
Mr Calvert joined the HSBC Group in 1974 and has worked in various capacities in a number of countries around the world including Saudi Arabia. He served with SABB from 1991 – 1995 in Central and Western Provinces - where he headed as Area General Manager. He holds a strong track record and a number of high qualifications, which includes Masters Degree in Islamic History/Arabic.
May 17, 2003
SABB Donates Data Processing Network to Riyadh Orphan Care Charitable Society
The Saudi British Bank (SABB) has recently volunteered to donate a local area network (LAN) to Riyadh Orphan Care Charitable Society for the data processing at its Head Office and branches, as part of SABB’s corporate social responsibility programme.
Commenting on this occasion, Mr Sulaiman Al Hamdan, Deputy Managing Director Financial Services, said: “The Saudi British Bank (SABB) support is a part of its strategy to support the community in which it operates and actively contribute to cater the needs of disadvantaged and development of their businesses. The introduction of a computer network to the Orphan Care Charitable Society is an important step towards improving the level of service offered by the society to the less fortunate and will help them to perform their charitable duties towards orphans in an efficient manner.”
May 13, 2003
The Saudi British Bank (SABB) – Opens New Branch
The Saudi British Bank (SABB) has announced lately the relocation of its Makkah Main Branch and the ladies section to larger, better-located premises at the crossing of Abdullah Areef Street at the intersection of Makkah-Jeddah Road, incorporating SABB’s new image design for the increased convenience of customers.
The new re-located branch is part of SABB strategy to place its network in strategic locations across the Kingdom in order to reach out to its customers in their neighbourhood and underlines our commitment to deliver superior customer service. Equipped with the latest state-of-the-art banking technology, it has been designed to ensure that we continue to meet and exceed customers’ expectations in product and services.
It offers greater convenience for customers to perform routine banking transactions, including separate space for its Al Imtiaz customers to enhance their comfort. The branch also boasts a full range of banking services including local stock trading centre, safe deposit lockers, SABB ATM and adequate parking area.
It meets the varied needs of our valued customer, underscoring the Bank’s keenness to offer its banking services at locations most convenient to customers.
May 11, 2003
The Saudi British Bank (SABB) – Opens New Branch
The Saudi British Bank (SABB) has announced the relocation of its Takhassusi Branch in Riyadh to larger, better-located premises incorporating SABB’s new image design for the increased convenience of customers.
Mr Sulaiman Al Hamdan, Deputy Managing Director Financial Services said: “The new re-located branch is part of SABB strategy to place its network in strategic locations across the Kingdom in order to reach out to its customers in their neighbourhood and underlines our commitment to deliver superior customer service. Equipped with the latest state-of-the-art banking technology, it has been designed to ensure that we continue to meet and exceed customers’ expectations in product and services”.
It offers greater convenience for customers to perform routine banking transactions, including separate space for its Al Imtiaz customers to enhance their comfort. The branch also boasts a full range of banking services including local stock trading centre, safe deposit lockers, SABB ATM and adequate parking area.
It meets the varied needs of our valued customer, underscoring the Bank’s keenness to offer its banking services at locations most convenient to customers.
May 04, 2003
The Saudi British Bank (SABB) – Releases 2002 Annual Report
The 25th Annual Report of The Saudi British Bank (SABB) outlining the Bank’s performance and growth in the year 2002 has been released by the Public Affairs Department.
Extensive efforts have gone in to make the Report comprehensive and indicative of the strides taken by SABB in its 25th year of its operations. The bilingual Arabic and English versions Report comprises of Chairman’s statement, Directors report, Financial statements and Auditor’s report. The report is also available on the website.
Earlier SABB had reported a net profit of SAR 276 million for the first quarter of 2003, a 17.4 per cent increase over SAR 235 million registered in the same quarter last year.
April 22, 2003
The Saudi British Bank First Quarter 2003 Results – Highlights
Highlights
Commentary
The Saudi British Bank (SABB) recorded a net profit of SAR276 million (US$74 million) for the quarter ended 31 March 2003. This represents an increase of 17.4 per cent over the SAR235 million (US$63 million) earned in the same period in 2002. Earnings per share increased to SAR6.89 (US$1.84) compared to SAR5.87 (US$1.57) for the first quarter of 2002.
Customer deposits increased to SAR34.2 billion (US$9.1 billion) at 31 March 2003 from SAR32.1 billion (US$8.6 billion) at 31 March 2002.
Loans and advances to customers were higher at SAR22.4 billion (US$6.0 billion) at 31 March 2003 from SAR17.3 billion (US$4.6 billion) at 31 March 2002.
Investments decreased to SAR20.4 billion (US$5.4 billion) at 31 March 2003 from SAR22.0 billion (US$5.9 billion) at 31 March 2002, as the proceeds from maturing investments were used to meet the strong growth in loans and advances.
David Hodgkinson, managing director, said: “The Saudi British Bank has made a strong start to 2003. Growth in operating revenues has been maintained despite interest rates being at historic lows and the current regional difficulties. At a time of great uncertainty in world markets, our bank is in a strong position to face these unique challenges. Our capital and liquidity ratios remain sound.
“The highlight of the first quarter was undoubtedly the successful completion of the IPO for the Saudi Telecommunications Company for which the bank was the appointed flotation manager. The issue raised SAR36.5 billion and was 3.5 times oversubscribed. Over 32 per cent of the applications by value were made through SABB.
“We continue to see an increase in take up of banking services from both personal and corporate customers, as the range and features of products are expanded.
“In line with the Kingdom’s saudisation objective, the bank is proud to have been awarded the Prince Naif Saudisation Award in recognition of our efforts towards this strategic goal.
“Finally I would like to thank our customers for their continued support, and our staff for their commitment and contribution to the bank’s success.”
Media enquiries to:
Abdulaziz Al-Manie
The Saudi British Bank
Tel: +[966] (1) 405-0677 Ext. 4310
Email: almaniea@sabb.com.sa
Click here for the First Quarter 2003 Financial Statements
April 14, 2003
SABB Ranks First In International Equity Trading
The Saudi British Bank (SABB) has taken the number one position among Saudi banks in international equity trading during the year 2002, accounting for more than 24 percent of the total trading done in the Kingdom, according to a report released by Saudi Arabian Monetary Agency (SAMA).
Mr David Dew, Executive Director & Chief Operating Officer–SABB, said: “Having captured the top spot in International equity trading, SABB has become the number one bank in terms of total value traded in both local equities and international equities in the Kingdom. SAMA had indicated in an earlier report that SABB is the number one Saudi bank in local equity trading for 2002.”
“The Bank’s success in international trading can be attributed to the fact that in addition to covering all major international equity markets, we strive to provide expert assistance and excellent service to all our customers.” Mr Dew added. SABB customers can also avail the bank’s research reports, and the services of its experienced customer support teams. Among the facilities offered by SABB are automated trading, up to date portfolio valuation, daily confirmation and margin lending.
Earlier, SAMA had reported that SABB had retained the number one position in local equity trading in terms of value for the ninth consecutive year. While local share trading can be traded from some 22 designated SABB branches, international equity trading facilities are offered from the Bank’s five investment centres located in Riyadh, Jeddah, Dammam, Al Khobar and Qatif.
The Bank’s technological capabilities with regard to its share trading system has been acknowledged by SAMA which awarded it the highest Tadawul Trading System rating. Due to its high technical capabilities SABB was also mandated as Floatation Manager of the STC Initial Public Offering (IPO) by the Public Investment Fund following which the Bank had secured more than 32% of the total value of subscriptions in the IPO.
April 5, 2003
SABB Opens Al Amanah Islamic Branch in Buraidah
The Saudi British Bank (SABB) has officially inaugurated the Al Amanah Islamic banking branch in Buraidah in the presence of the Bank’s Shariah committee members: Sh. Abdullah Bin Manea, Member Board of Senior Scholars Committee for Fatwa, Sh. Dr Abdullah Al Mutlaq, Professor Comparative Fiqh, Higher Judicature Institute – Imam Mohammed Bin Saud University.
Representing the Bank at the function were Mr David Hodgkinson, Managing Director, Mr Sulaiman Al Hamdan, Deputy Managing Director Financial Services, and a number of other executives.
The conversion of the Buraidah branch to an Islamic banking services branch is part of SABB’s strategy to transform a number of existing branches to become fully Al Amanah entities. The Bank’s Rabwa branch in Riyadh and King Abdulaziz branch in Medinah have already been converted into Al Amanah Islamic branches, and the Al Misfalah branch in Makkah will soon be officially opened as an Islamic banking services branch too. In addition to this, SABB has opened Al Amanah Islamic banking counters in a number of other branches, and aim to open more counters in the future.
Al Amanah branches and counters offer “Al Amanah” Islamic services such as Al Amanah current and savings accounts, Al Amanah card, Al Amanah Home Financing (Manazil), the Murabaha Sale programme (Imtalik) and Islamically-approved investment funds.
March 29, 2003
SABB And Al Moajil Mark 50 Years of Cooperation
As a tribute to a valued and distinguished customer, The Saudi British Bank (SABB) held a party in honour of Abdulaziz & Saad Al Moajil Company marking 50 years of close and continued cooperation between the two institutions – a remarkable relationship which commenced half a century ago with the British Bank of the Middle East and is now continued by SABB.
Speaking at the occasion, Sh. Abdullah Mohamed Al Hugail, Chairman – SABB, lauded the “extraordinary contribution of Sh. Saad Mohammed Al Moajil to the development of the national economy and his support for social activities as chairman of the Chamber of Commerce in the Eastern Province for 27 years.” Praising the remarkable success and growth of Abulaziz Saad Al Moajil Company, he wished the firm a prosperous future as one of the Kingdom’s leading institutions.
On his part, Sh Saad Mohammed Al Moajil underlined the significance of the rewarding 50-year long relationship between the two institutions and described it as a very close and strong economic tie.
SABB was represented at the party by Mr David Hodgkinson, Managing Director, Mr David Dew, Executive Director & Chief Operating Officer, Mr Sulaiman Al Hamdan, Deputy Managing Director Financial Services, and Mr Zaki Abu Al Saud, Regional General Manager Financial Services - Eastern Province. Sh. Saad Al Moajil, members of Al Moajil family and senior officials attended on behalf of the company. Also present was Mr Saleh Al Kowary, Chief Executive Officer–HSBC Middle East, Bahrain.
March 25, 2003
SABB Donates SAR 5 Million to Centennial Foundation
The Saudi British Bank (SABB) Board of Directors has approved the donation of SAR 5 million to the Centennial Foundation to be paid over the next five years in line with its policy of supporting activities benefiting Saudi youth.
Sh. Abdullah Mohamed Al Hugail, Chairman-SABB, said: “The Bank’s support of the noble goals of the Centennial Foundation formed under the Chairmanship of HRH Prince Abdulaziz bin Abdullah bin Abulaziz Al Saud (also Patron of the Foundation) comes within the framework of SABB’s commitment to extend help to Saudi youth to enable them to establish independent businesses and providing them employment. This in turn will ensure the development and progress of the Kingdom to the ranks of advanced countries.”
Sh. Al Hugail also complimented the role of the Centennial Foundation which has been established as a partnership between the Saudi private sector and Saudi youth aspiring to set up their own businesses, but needing help to get started. It, therefore, aims at creating a whole new generation of Saudi entrepreneurs, who are able to take up positions as corporate citizens. The Foundation will help equip them with the skills, advice and funds to make the most of their imagination, determination and enthusiasm.
March 8, 2003.
SABB Supports Jeddah Economic Forum
The Saudi British Bank (SABB) has supported the 2003 Jeddah Economic Forum which was recently held in Jeddah with the theme, “Global Competitiveness: Thinking Globally, Acting Locally” under the patronage of HRH Prince Abdul Majeed Bin Abdul Aziz Governor of Makkah Region.
One of the most important annual gatherings of its kind, the Jeddah Economic Forum, is attended by the region’s leading businessmen and women, government officials and academics, together with many global business leaders and international visitors. The 2003 Forum also saw participation of business delegations from Bangladesh, Jordan, Lebanon, Malaysia, Russia, the UK and a group of high-technology entrepreneurs from the US.
Mr Waleed Kayyal, Regional General Manager Financial Services, Western Province – SABB, who represented the bank at the Forum said: “ SABB is a dynamic partner in the Kingdom’s development activities. Our participation in the Jeddah Forum is in line with our goal of encouraging trade and economic interaction between the Kingdom and other countries in the region and around the world.”
The 2003 Forum focused on the challenges facing businesses in the Middle East and the impact of global events on the region. Among other topics discussed at the Forum was the role of free trade zones and the future of family companies.
February 5, 2003
THE SAUDI BRITISH BANK 2002 ANNUAL RESULTS – HIGHLIGHTS
Commentary
The Saudi British Bank (SABB) recorded a net profit of SAR972 million (US$259 million) for the year ended 31 December 2002. This represents an increase of 17.1 per cent over the SAR830 million (US$221 million) earned in 2001. Earnings per share increased to SAR24.31 (US$6.48) compared to SAR20.75 (US$5.53) for 2001.
Customer deposits increased to SAR35.0 billion (US$9.3 billion) at 31 December 2002 from SAR31.5 billion (US$8.4 billion) at 31 December 2001, reflecting growth in demand deposits.
Loans and advances to customers increased to SAR20.4 billion (US$5.4 billion) at 31 December 2002 from SAR16.0 billion (US$4.2 billion) at 31 December 2001, reflecting growth across all major loan products.
David Hodgkinson, managing director, said: “Our performance for 2002 was encouraging despite the low interest rate environment. The domestic economy displayed welcome resilience in the face of continued regional uncertainties and a slowdown of the global economy. Operating revenues continue to grow, while operating costs have been contained. Provisions for credit losses decreased significantly reflecting the improving quality of our lending portfolio. The bank’s capital and liquidity position remain strong.
“New products launched during the year were well received. The growth of our Al-Amanah Islamic Services has been strong. Four branches were converted to fully dedicated Islamic banking branches.
“During the year we had many successes. One of the highlights was being selected as the flotation manager for the Saudi Telecom IPO, one of the largest in Saudi Arabia’s history. This was part of a strong overall performance from our investment banking group.
“The bank continues to place priority on providing our customers with high quality service. The success of this strategy is reflected in the latest market surveys which indicate improved customer satisfaction levels.
“The Board has recommended a final net dividend of SAR8 per share. The total net dividend for 2002 will amount to SAR16 per share as an interim net dividend of SAR8 was paid in August 2002. As a result, the total dividend will increase by 14.3 per cent over 2001.
“We thank our customers for their support and our staff for their dedicated efforts during the year.”
Media enquiries to:
Abdulaziz Al-Manie
The Saudi British Bank
Tel: +966 1 405 0677 ext 4310
Email: almaniea@sabb.com.sa
Click here for the 2002 Annual Results
22 January 2003
SABB secures over 32% of STC IPO subscription
“With above 32% of the total value of subscription, The Saudi British Bank (SABB) has secured the largest amount of investment in the Saudi Telecom Company (STC) Initial Public Offering (IPO) among Saudi banks, reflecting its technological superiority”, said Sh. Abdullah Mohammed Al-Hugail, Chairman-SABB, expressing his satisfaction at the success of the IPO which was oversubscribed 350%, with total subscription exceeding SAR37billion.
After winning the role of floatation manager, SABB developed a information technology system to manage the process smoothly. The system linked all SABB branches and receiving banks electronically thereby facilitating the transfer of subscription details to the SAMA Tadawul system. The system is also designed to ensure quick refund of over-subscription regardless of the number of subscribers.
In order, to ensure the success of the IPO, which is bound to have considerable positive impact on the national economy , SABB had taken a number of other steps facilitating the process of subscription including staffing its branches with highly trained staff.
Sh. Al Hugail added: “The heavy demand we witnessed for STC shares emphasises the success of privatisation plans adopted by the government of the Custodian of the Two Holy Mosques. The steps that were taken including fixing right share prices, adequate disclosure and transparency and the detailed information made available to potential investors aided in the success of the IPO. The expected swift allocation of shares and quick refund of over-subscription helped the case further.”
Thanking H.E. Minister of Finance and National Economy and Public Investment Fund for having selected SABB as the IPO floatation manager, he also expressed his gratitude to all STC share subscribers, and SABB staff who have highlighted their superior skills to satisfy customers with the success of the IPO.
Mr David Hodgkinson, Managing Director-SABB, commenting on SABB’s success as floatation manager and at attracting the largest value in subscriptions said: “The success of the Offering highlights the government’s commitment to privatisation and its policy of revitalising the Saudi economy by transferring a part of its holdings in designated sectors to the private sector.” He added, “this particular offering will indeed open large investment opportunities to investors and share traders in the Kingdom.”
It is worth mentioning that the HSBC Group (SABB’s Associate) has issued a detailed analytical report on STC including its expected financial performance, which was widely distributed and available at all SABB branches.
January 14, 2003.
SABB Invites Applications For MBA Scholarships
The Saudi British Bank (SABB) has invited applications for scholarships under the SABB Scholarship Scheme for the year 2003 from candidates wishing to pursue MBA courses in the UK. The Scheme is open to all Saudi graduates between 28 –35 years with degrees from recognized universities who wish to join for higher studies to improve their long term career positions.
Mr Bleihid N Al Bleihid, General Manager 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.”
Mr Al Bleihid added, “The SABB Scholarship Scheme is one of the most prominent schemes to serve the community since SABB provides the tuition fees, accommodation and living expenses, travel allowance and a daily allowance for the selected candidates.”
A booklet with full details on the Scheme for the current year has been issued and is available at all SABB branches and the British Council. The closing date for applications is 28 February, 2003.
January 6, 2003.
