The Saudi British Bank (SABB) has appointed Tareq Bin Abdulrahman Al-Shubaily as General Manager Human Resources with effect from 12 November 2005 to succeed Bleihid N Al-Bleihid who has been recently resigned from the Bank’s services.
Al-Shubaily’s appointment as General Manager Human Resources is a result of his dedication, his educational qualifications and practical experience acquired during his work with SABB. The appointment is also a part of the Bank’s strategy to develop Saudi qualified cadres to assume leading positions in all banking fields and to create excellent opportunities to enable them in building a better future.
Tareq joined the Bank in 1997 and assumed many positions last of which was Senior Executive Manager Strategy and HR Development where he played a key role in developing and enhancing the HR Repositioning project.
Tareq expressed his gratitude for the confidence placed by the management in him for managing the Human Resources of SABB; Tareq hopes he will rise to the expectations of the management and pledged to exert his utmost efforts to continue the development process towards achieving the Bank’s strategic objectives.
SABB had won many awards for its continuous support of Saudisation plans and for attracting and training qualified Saudi manpower; among these was Prince Naif Saudisation Shield and IPA Saudisation Shield for 3 consecutive years.
24 December 2005
SABB Receives YANSAB IPO Subscription Forms Through Internet, Telephone Banking, ATMs And Branches
The Saudi British Bank (SABB) announced that all necessary preparations are in place to receive subscriptions for YANSAB IPO. Subscription is available through electronic channels (Internet, Telephone Banking and ATMs) as well as through branches to facilitate the subscription process for subscribers.
Customers who had previously subscribed through SABB may benefit from the YANSAB Subscription Service through Internet around the clock from anywhere in the Kingdom or abroad by visiting SABB website. SABB electronic services had been extensively used during earlier subscriptions particularly in the light of the increasing number of customers using the Internet in their banking and other investment needs.
Necessary preparations have also been taken to enable customers to subscribe through the SABB ATMs. Customers may also effect their subscriptions through the Direct Banking Service using the toll free number 800-124-8888 as well as through other conventional channels by completing and lodging application forms at customer service personnel.
Commenting on this event, Mr. Sulaiman Al-Hamdan, Deputy Managing Director said “ SABB has taken all measures to make available subscription forms to customers wishing to subscribe in YANSAB IPO. To facilitate the process to customers, SABB has also introduced creative electronic channels for the first time in line with the Bank’s ongoing strategy to provide best banking services to its customers enabling them to perform their transactions in the quickest possible time from anywhere and at any time”.
SABB had been a pioneer in launching advanced electronic services that facilitates subscription processes. Among those launched services were subscription through ATMs, for the first time in the Kingdom and the self registration, also for the first time through SABB electronic website which facilitates self registration and entry of subscribers details for participation in the IPOs launched in the Saudi market.
19 December 2005
The Saudi British Bank co-sponsored the Second Riyadh Economic Forum, which has been organised by the Riyadh Chamber of Commerce and Industry under the auspices of the Custodian of the Two Holy Mosques King Abdullah Bin Abdul Aziz.
Commenting on the event, Sheikh Abdullah Bin Mohammed Al-Hugail, Chairman of SABB said “SABB is very keen to actively participate in such development activities in the Kingdom in view of the importance and positive effects of such events on the national economy. The Forum is one of the most important economic gatherings in the Kingdom as it is attended by top businessmen and businesswomen, Saudi officials and delegations from various countries”.
He added “ SABB’s participation in the forum is a part of the Bank’s strategy to encourage economic activities and promote economic interaction between the Kingdom and other parts of the world”.
The forum discussed a number of important issues and topics in relation to the national economy in the light of the Kingdom’s commercial and economical expansion, to tackle the challenges, which government departments and companies might encounter and to benefit from the international experience in this regard.
13 December 2005
The Saudi British Bank (SABB) is sponsoring the United Nations Development Programme (UNDP) workshop on the Saudi Women in the Millennium from 17-19 December 2005, which will be under the patronage of HRH Princess Adila Bint Abdullah Ibn Abdulaziz with over 150 Saudi Participants from various educational and professional background.
The event will cover several themes of interest to the private sector, such as education, environment, labor policies and the role of leadership in achieving the UN millennium Development Goals.
Sulaiman Al Hamdan, Deputy Managing Director of SABB said, “SABB attaches a great importance to support such community activities, which stresses the bank’s keenness to place these types of participations within its schedule of priorities.”
It is worth mentioning that 14% of SABB staff are Saudi ladies which reflects its view of the importance of women participation in the Saudi community.
12 December 2005
SABB Donates SAR 3 Million Towards The Construction Of A Landmark On The Occasion King Abdullah Pledge Of Allegiance
SABB has donated SAR 3 Million as a participation in the construction of the landmark that Riyadh Municipality intends to build west of Riyadh City on a 1.5 Million square meter area, to mark the Pledge of Alliance event.
Speaking on this occasion, Sheikh Abdullah Al Hugail, Chairman of SABB said: “The Board has taken this initiative on behalf of the shareholders to share with the Saudi community this pleasant occasion and to share with the citizens of Riyadh their celebrations, under the auspices of HRH Prince Salman Bin Abdul Aziz, Governor of Riyadh, to express their loyalty to the King reflecting the collaboration and solidarity of the people of Saudi Arabia with their Government.
Sheikh Al Hugail added: “SABB contribution is a part of the Bank’s policy to participate in all national, economic, social, educational and humanitarian events among which is SABB contribution to the Centennial Fund, membership of the Founders Society of Prince Salman Center for Disability Research, the sponsoring of SABB Chair of Financial Science at King Fahad University of Petroleum and Minerals and many other occasions and activities.
6 December 2005
The Saudi British Bank (SABB) launched its China/India “CHINDIA” Freestyle Fund and started to receive subscription applications from Saturday 26 November 2005 (24 Shawal 1426), which is one of the recently offered Funds by SABB.
Mr. Zaid Al Gwaiz, SABB Deputy Managing Director, Investment Banking stated that:
”This Fund will provide investors with opportunity to invest in one of the fastest growing markets to achieve long term capital growth through an investment portfolio that include shares of listed companies in China and India stock exchanges. The opportunity also is provided for investment in international listed securities provided by companies that maintains business and investment engagement basically in China and India.
Al Gwaiz further added that: CHINDIA Freestyle fund is managed by the HSBC Group, which maintains long and vast experience in the Chinese and Indian markets. The HSBC Group manages similar funds in both of these counties, which are the largest funds in terms of assets and performance. He pointed out that the initial term of the offer will be for three weeks and to take advantage of this offer the price for which is US$ 10 per unit. The fund will be activated on the 17.12.05 (15.11.1426H).
It is worth to mention that Chinese economy is characterized by constant progress in the infrastructure investment, reasonable valuation, promising expectations and steady growth in GDP of 8 percent approximately. These are supported by noticeable growth of investment and consumption in addition to the local market strength and export development. The Indian economy growth is supported by the fact that more than 55 per cent of the population is under 25 years of age and is distinguished by the continuous improvement of the infrastructure for activation of the investment cycle. The technology driven Indian economy is expected to grow by 7 per cent for the years 2005-2006. All the expectations support the fact that India and china will see prosperity in the growth of their economies in the foreseeable future.
18 November 2005
HSBC And The Saudi British Bank To Establish First Independent Investment Bank In Saudi Arabia
The Saudi Arabian Capital Market Authority (CMA), the newly-established regulator of the stock exchange and capital markets in Saudi Arabia, has given its approval to HSBC and The Saudi British Bank (SABB) to establish the first full-service, independent investment bank in the Kingdom of Saudi Arabia licensed under the new Capital Market Law.
HSBC, through a wholly-owned subsidiary, will hold 60 per cent of the equity in the new company and SABB, in which HSBC has a 40 per cent shareholding, will hold the remaining 40 per cent.
The joint venture, to be known as HSBC Saudi Arabia Limited, will be established as a limited liability company headquartered in Riyadh, with a share capital of SAR50 million (US$13.33 million). Its formation is subject to obtaining an investment licence from the Saudi Arabian General Investment Authority and a commercial registration from the Saudi Arabian Ministry of Commerce and Industry.
HSBC Saudi Arabia Limited will provide corporate finance and asset management advisory services to corporations and institutions in Saudi Arabia as well as investment advisory services to individual investors. In addition, the new company will manage SABB’s domestic and international equity brokerage and security services businesses.
Its corporate finance units will provide a wide range of services related to the issuance of initial public offerings, rights issues, private placements and Islamic and conventional debt securities. The joint venture will also provide project finance, privatisation, and merger and acquisition advice to a broad range of clients.
Stephen Green, Group Chief Executive of HSBC Holdings plc, said: “This year marks the 55th year of HSBC’s continuous presence in the Kingdom of Saudi Arabia, first through The British Bank of the Middle East and then through The Saudi British Bank. We are optimistic about the long-term prospects for growth in the Saudi Arabian economy and look forward to providing investment banking and asset management expertise and products to the local market.”
Sheik Abdullah Al-Hugail, Chairman of The Saudi British Bank, said: “We recognise and appreciate the significant value added by HSBC to the capabilities of The Saudi British Bank. We are pleased to be able to bring to our clients in Saudi Arabia an even broader level of global expertise through the establishment of this new investment banking vehicle.”
21 November 2005
SABB has donated SR1million in support of the campaign that was initiated by The Custodian of The Two Holy Mosques King Abdullah Bin Abdulaziz, which was launched last Saturday to support victims of the earthquake in Pakistan
Commenting on the occasion, Sheikh Abdullah Al-Hugail, Chairman, SABB, said: "The Board has taken the initiative on behalf of the stakeholders and participated in this campaign to ensure SABB’s role in supporting humanitarian campaigns. It is also in line with the Kingdom’s efforts to provide relief support wherever needed. This donation also highlights the humanitarian facet of the Kingdom worldwide and the nature of the Saudi citizens in providing support to all peoples of the world under natural disasters."
23 October 2005
SABB increases its capital to SAR 3,750 Million and issues one bonus share for each two shares held
The Board of Directors of The Saudi British Bank (SABB) has decided in its Board Meeting held in Jeddah, in line with the aspirations of its shareholders and the policy for ongoing strengthening of its capital, has recommended to the Extra-Ordinary General Meeting scheduled to be held during the first quarter of 2006 and subject to obtaining the necessary approvals from the regulatory authorities, an increase in the Bank’s paid-up capital from SAR 2,500 Million (USD 667 Million) to SAR 3,750 Million (USD 1,000 Million) by adding 25 Million shares so that the total number of the Bank’s shares becomes 75 Million shares and issue of one bonus share for each two shares held.
Sheikh Abdullah Al Hugail, Chairman of SABB, said the capital increase is a direct result of the successes achieved by the bank in the last few years, the ongoing progress and the competitive advantages it enjoys that made it occupy a leading position within the Saudi banking sector, thanks to the strong presence of the Bank in the Saudi market, excellent customer relationships and provision of best products and services using latest technology as well as due to the strong and continuous support by its shareholders to all its initiatives.
He concluded that such achievements would not have been realised without the high efficiency, enthusiasm and dedication displayed by staff in serving the Bank’s customers and the best training programs provided to them by the bank.
The entitlement to the bonus shares of 2005 shall be defined at a later stage. The Board will also recommend a net dividend of SAR 5.0 per share shall be paid for the second half of 2005 bringing the total dividends paid to shareholders for the year 2005 to SAR 15 per share, which reflects the Bank’s continued policy to strengthen its capital and annual profits particularly at this stage, which requires faster growth to meet the financial requirements of the local market.
The Bank has recently announced the payment of an interim net dividend of SAR 10 per share (Gross dividend SAR 10.52 per share). Total half yearly dividends distributed for the first half of 2005 amounted to SAR 526 Million, an increase of 11.8 % compared to the same period of last year. SABB was also the first bank to obtain an “A” rating by Fitch Credit Rating Agency.
19 October 2005
The Saudi British Bank (SABB) recorded a net profit of SAR1,874 million (US$500 million) for the nine months ended 30 September 2005. This represents an increase of 50.8 per cent over the SAR1,242 million (US$331 million) earned in the same period in 2004. Earnings per share increased to SAR37.48 (US$9.99) compared to SAR24.85 (US$6.63) for the same period last year.
Customer deposits increased to SAR45.6 billion (US$12.2 billion) at 30 September 2005 from SAR39.4 billion (US$10.5 billion) at 30 September 2004.
Loans and advances to customers were higher at SAR39.6 billion (US$10.6 billion) at 30 September 2005 from SAR29.5 billion (US$7.9 billion) at 30 September 2004.
The bank’s investment portfolio totalled SAR16.9 billion (US$4.5 billion) at 30 September 2005, an increase from SAR14.9 billion (US$4.0 billion) at 30 September 2004.
SABB Chairman, Sheikh Abdullah Al Hugail said: “SABB has registered a record performance over the first three quarters of 2005. Business growth in Saudi Arabia remains strong and banking sector revenues have received a significant boost from very strong investor participation in a buoyant stock market. In addition to these exceptional earnings, it is important to note that we have also achieved strong growth in other areas. We will continue to maintain close focus on the core fundamentals of our business in order to maintain a balanced earnings and growth momentum.
“Operating revenues have continued to strongly outperform 2004. Despite ongoing investment in technology, staff and product development, the bank’s cost to income ratio remains well within expected parameters. Customer deposits have continued to grow and good macro-economic conditions have fuelled strong customer asset growth. Asset quality remains sound, with a relatively low level of provisions for credit losses. Despite the strong asset growth, SABB remains well-capitalised and liquid.
“During the third quarter of 2005, The Saudi British Bank became the first bank in the Kingdom to be awarded an ‘A’ credit rating by the Fitch Ratings agency. This upgrade acknowledged the bank’s continuing strong profitability, improving asset quality and sound capitalisation, funding and risk management profile.
“We have good business momentum, and are well positioned to develop new products in response to the needs of our customers in an environment where we expect strong growth and rapid change. We deeply appreciate the continuing support of our customers and the sustained effort of our staff in delivering these excellent results”.
11 October 2005
SABB has recently participated in the 12th training course organised by SAMA to honor the judges of The Ministry of Justice and The Bureau of Grievances about money laundering, terrorism financing and economic crimes.
SABB participation in this course underlines its commitment to the community and its extensive efforts to fight money-laundering crime, which adversely affects national and global economies.
SABB was represented in this activity by Mohammed Bin Ibrahim Al-Obaid and Ahmed Bin Nasser Al-Otaibi from Compliance Department. A comprehensive presentation about money laundering in the Kingdom was given to the judges to acquaint them with specialised scientific knowledge on money laundering and terrorism financing activities as well as on combating economic crimes. The judges were advised of the most important systems, instructions and practices to develop their skills in this field on the national and global levels.
The honor judges were acquainted with the procedures, controls and systems adopted by commercial banks to uncover laundering of money realised from illegal sources as followed by money launderers to this effect.
SABB advised the honor judges of the roles and duties of commercial banks and their staff as provided for in the Money Laundering Control Rules which has been put into effect and the Rules for control of money laundering and combating terrorism financing as issued by SAMA in the year 2003G.
8 October 2005
SABB launches unique Shariah-compliant Consumer Finance Offering at Hamad A. Alessa & Sons Co.
The Saudi British Bank (SABB) and Hamad A. Al-Essa & Sons Co. have entered into an agreement today whereby customers at Al-Essa showrooms will be able to avail of an innovative, Amanah Shariah-compliant, consumer finance product from SABB. The agreement was signed by Mr. Saud Al-Essa, Group Managing Director of AlEssa Group and Sulaiman Al-Hamdan, Deputy Managing Director, SABB at a ceremony held on September 19th.
Commenting on the event, Mr. Saud Al-Essa said “The EasyBuy Plan from SABB will allow all customers, Saudis and non Saudis, to apply for and receive a decision on an installment plan for consumer electronics and home appliances within minutes, which will allow customers to buy products that better suit their needs and offers an easy and convenient extended payment option.”
Sulaiman Al-Hamdan added “The system developed for the EasyBuy Plan is the first such in the Kingdom .This system utilizes real-time links not just to SABB’s systems and servers, but also to the Saudi Credit Bureau and the retailer’s technology infrastructure, offering rapid scalability. Furthermore, the design, development and deployment of the system was managed by SABB’s own IT and Business Support Systems teams.”
Al-Essa is one of the leading manufacturers of air-conditioning and refrigeration appliances, as well as a representative of major home appliances brands such as Hitachi, Gibson, Craft and HAAS.
25 September 2005
As a part of SABB Commitment to the Community
SABB donates school bags to (INSAN) Charitable Society
In line with its role as an active supporter of charitable causes in the Kingdom of Saudi Arabia, SABB has donated 3000 school bags as a contribution by the Bank towards the School Bag Scheme to Orphan Care Charitable Society (INSAN) on the occasion of the beginning of the new academic year.
SABB donation to INSAN is under its initiatives for community support and forms a part of its corporate social responsibility program, where the focus is on providing support in education, environment and community, a step which illustrates SABB's corporate leadership and its investment in the community, which is fundamental to the future productivity and growth of the country's economy. Sheikh Abdullah Al-Hugail, Chairman of SABB has received a letter of appreciation for this initiative from H.E. Dr. Homoud Bin Abdulaziz Al Badr, the Security General of Orphan Care Charitable Society (INSAN).
Commenting on the occasion, Sheikh Abdullah Al-Hugail, said “SABB is committed to sharing its success with the communities and eagerly join hands with government and national agencies in this direction. Education is crucial to the development and prosperity of the country. It is the engine of economic development and a route to personal achievement and success. Therefore, helping people to gain the skills and knowledge to succeed has been always one of our top commitments.”
SABB attaches a great importance to the support of charitable activities of humanitarian and educational nature; it offers all forms of support and care to social and educational societies which stresses the bank’s keenness to place the charitable causes within its schedule of priorities as one of the leading banks and companies in the Kingdom which support the different aspects of activities whether being in the health, charity, economical or cultural fields last of which was the Bank’s renewal of the financing of the Chair of Finance at King Fahad University of Petroleum and Minerals (KFUPM) for the fourth year.
19 September 2005
As A Part Of Its Commitment To The Community
SABB Offers Free Scholarships For Male And Female Saudis
The Saudi British Bank (SABB) has invited applications for scholarships under the SABB Scholarship Scheme for the year 2006 from candidates wishing to pursue MBA courses in the U.K.
The Scheme is open to all Saudi male and female graduates including SABB staff with degrees from recognised universities who wish to pursue their higher studies to improve their long-term career positions. After completion of the course it is at the discretion of the candidate whether to join SABB or not.
Mr Bleihid N Al Bleihid, General Manager Human Resources, said: "The SABB Scholarship Scheme underlines the Bank's commitment to the development of the Kingdom and its community, and is in line with the directions for national companies and institutions to participate in the development of national cadres who have the capability to effectively involve themselves in the different aspects of the Kingdom’s development.
Al Bleihid added, “The SABB Scholarship Scheme is one of the most prominent schemes to serve the community since SABB provides the tuition fees, living expenses and tickets for the selected candidates.”
SABB was the first Saudi company to introduce such an educational program -- in 1997 -- enabling Saudis to obtain higher education.”
Click to get full details of the Scheme as well as registration that are also available at SABB Training Center.
17 September 2005
Fitch Ratings, the international rating agency, has upgraded SABB’s Long-term rating to ‘A’ which is considered the highest credit rating amongst Local Banks.
According to Fitch, this rating reflects SABB’s continuing strong profitability and improving asset quality. The bank benefits from a conservative approach to risks, low-cost funding, satisfactory capitalisation and its strong brand. It also gains from the systems and expertise of the HSBC Group in developing its systems and services.
John Richards, Chief Operating Officer of SABB said, “this rating not only emphasises the bank’s sound financial status and performance in the market, but also stresses its ability to offer a comprehensive series of quality services which aim to meet the requirements of its customers and well establishes its innovative strategy”.
He added, “The achievement of such rating reflects the strength of the Saudi economy in general and of the banking sector in particular, under the guidance of The Saudi Arabian Monetary Agency (SAMA).
29 August 2005
In Line With The Saudi British Bank (SABB) Strategy For Saudisation Of Top Positions
Al-Tuwaijri Appointed As SABB Treasurer
The Saudi British Bank (SABB) has recently appointed Mr. Mohammed Al-Tuwaijri as SABB Treasurer with effect from 25 August 2005 in place of Olivier Pacton who moved to the HSBC Group after successful completion of 3 years of secondment.
Commenting on the appointment, Mr. Bleihid Al-Bleihid, General Manager Human Resources said the appointment of Mr. Al-Tuwaijri, as Treasurer of SABB is a result of his efficiency and dedication as well as his high qualification and the practical experience he attained in the Bank. He stressed that this decision is in line with the Bank’s strategy for the Saudisation of the top positions and for opening-up career opportunities for qualified Saudi staff to enable them to assume leading positions and achieve better future.
Mr. Bleihid also lauded Al-Tuwaijri’s career path at SABB since he joined the Bank in 1995, during which, he had assumed many positions - last of which was Senior Executive Treasury.
SABB had won a number of awards for its efforts in supporting Saudisation plans, and its training and recruitment of Saudi cadres. The most prominent awards were “HRH Prince Naif Saudisation Shield” and the Institute of Public Administration “Saudisation Award” for three years.
27 August 2005
Mr John Coverdale has assumed his position as SABB’s, Managing Director effective 1 August 2005 replacing Mr Geoff Calvert who returned to the HSBC Group in London after serving for more than two year as SABB, Managing Director.
Mr Coverdale has very long banking experience within the HSBC Group. Before moving to SABB, he was Executive Director and Deputy Chief Executive of HSBC Bank Malaysia. Prior to that he was Chief Operating Officer in the UAE. This is not the first time in Saudi; he was here from 1980-1982 as Manager International Markets in the Western Province, Jeddah.
8 August 2005
With the growth in Islamic finance services through Murabaha, Musharaka and Ijara concepts, SABB has innovated a new Islamic product that is compatible with Shariah principles and approved by the bank’s Shariah Supervisory Committee for protecting borrowers against market price fluctuations.
SABB designed the new product, which is the first of its kind to specifically protect corporate borrowers, since they are priced in accordance with fluctuating market trends throughout the term of finance.
The rate for borrowing through Murabaha is to be fixed under the mechanism of this product and at the same time customer’s funds are invested in a counter Murabaha. This will result in full protection of the customer against price fluctuations, whereby an Islamic loan is extended and an Islamic price protection is provided.
Commenting on the occasion, Managing Director Mr. Geoff Calvert said: “The product is the first of its kind in the market and reflects SABB’s commitment to offer solutions that are compatible with Shari’a principles and meet customers needs.”
25 July 2005
The Saudi British Bank (SABB) has introduced a new product from Amanah Islamic financial solution “Amanah Personal Finance”, to provide straightforward finance for individuals (Saudis and Expatriates), with a minimum basic salary of SAR3,000, and to self-employed people maintaining minimum average balance.
Commenting on the launch, Sulaiman Al Hamdan, SABB Deputy Managing Director said: ”We are proud to be the first bank to provide this service to its customers. In line with our “Customer First” strategy, the new product is a key part to meet the demands of our customers in a Shariah’s compliant way.
It is worth mentioning that SABB landed many awards and scored many successes on both local and international levels. Those achievements are attributed to SABB’s commitment to customer services and to the innovative programmes, projects and a wide array of services to meet customers’ requirements. The successes achieved over the past years enabled SABB to win “Best Equities House in the Kingdom of Saudi Arabia for 2005” by the Euromoney Magazine. Also Standard & Poor's, one of the world’s leading credit rating agencies had assigned a rating of (A-) to The Saudi British Bank.
18 July 2005
Highlights
The Saudi British Bank (SABB) recorded a net profit of SAR1,200 million (US$320 million) for the six months ended 30 June 2005. This represents an increase of 44.0 per cent over the SAR834 million (US$222 million) earned in the same period in 2004. Earnings per share increased to SAR24.00 (US$6.40) compared to SAR16.67 (US$4.45) for the same period last yearW.
Customer deposits increased to SAR44.5 billion (US$11.9 billion) at 30 June 2005 from SAR39.3 billion (US$10.5 billion) at 30 June 2004.
Loans and advances to customers increased to SAR35.4 billion (US$9.4 billion) at 30 June 2005 from SAR28.0 billion (US$7.5 billion) at 30 June 2004.
The bank’s investment portfolio totalled SAR17.0 billion (US$4.5 billion) at 30 June 2005, an increase from SAR15.4 billion (US$4.1 billion) at 30 June 2004.
Geoff Calvert, managing director of The Saudi British Bank, said: “First half results have been very strong. Operating revenues continue to trend well above 2004 levels. While non-funds income continues to benefit from a buoyant local equity market, growth has been strong across all areas. The bank’s cost:income ratio has continued to improve due to successful management of the cost base while investing in new growth opportunities. Our loan and deposit growth has been strong, in part reflecting good macro-economic conditions in the Saudi economy. Credit quality remains sound with a continued low level of provisions for credit losses. Capital and liquidity positions remain strong.
“Following the success of the first eurobond issued by a Saudi company in the first quarter of 2005, SABB completed another first with the closing of a funding deal with the International Finance Corporation to support SABB’s Sharia compliant Al Amanah Islamic Personal Home Loan Financing product.
“The Saudi British Bank has been chosen as ‘Best Equities House in the Kingdom of Saudi Arabia for 2005’ by Euromoney magazine. The award recognises the bank’s leading position in the banking sector.
“All areas of the bank are performing well. We continue to look for new opportunities and develop new products and services for our customers in the Kingdom.
“The Directors have approved the payment of a net interim dividend of SAR10.00 per share (gross dividend of SAR10.52 per share). This represents a total gross interim dividend payment of SAR526 million, an increase of 11.8 per cent compared to the same period last year.
“We thank our customers for their continued support, and our staff for their commitment and contribution to the bank’s success.”
12 July 2005
The Saudi British Bank will offer customers the option to subscribe through ATMs for Almarai shares in the forthcoming IPO. Geoff Calvert, SABB Managing Director stated: “This is the first time customers will be able to use ATMs for share subscriptions in an effort to better serve our customers and reduce long queues in our branches. SABB customers holding an ATM card and who subscribed to previous IPOs through SABB will be able to use this new service."
Mr calvert added “This service will be available on all SABB ATM machines throughout the Kingdom 24 hours a day. SABB will also provide Phone Banking and ATM subscription channels in addition to the traditional methods of subscription. Electronic pre-registration forms are also available through www.ektetab.com as introduced for the NCCI IPO. The self/pre-registration web site will be available to potential subscribers on 29 June.”
Almarai has appointed HSBC as financial advisor and SABB as the lead manager and lead underwriter to the Almarai IPO. Ioannis Karapatakis, Director and Head of Investment Banking Advisory, HSBC mentioned that "the Almarai IPO offering is valued at SAR2.3 billion, of which 50% will be underwritten by SABB and the balance allocated equally with four other banks acting as receiving banks and co-underwriters to the transaction."
Mr. Karapatakis also stated “the Almarai IPO is a landmark transaction, which should pave the way for more limited liability companies to go to the market under CMA listing rules”.
HSBC and SABB are in the process of setting up an investment-banking vehicle offering a wide range of investment banking solutions in Saudi Arabia. In recognition of their achievements and contribution to the development of the equity capital market in Saudi Arabia, Euromoney awarded HSBC and SABB ‘The Best Equities House in Saudi Arabia” award of excellence for the year 2005.
02 July 2005
Recognising the growing demand for home financing in the Kingdom of Saudi Arabia, International Finance Corporation (IFC), the subsidiary of The World Bank, has invested SAR187.5m to support Saudi British Bank’s (SABB) Islamic home financing portfolio.
IFC will provide 12 year funding to SABB for the Saudi Riyal equivalent of USD50m under a Murabaha facility to fund SABB’s Islamic home financing product, Manazel.
Geoff Calvert, Managing Director of SABB said; “This is a significant step to support our programme to help Saudi citizens to purchase or build a home. SABB is proud to have been selected by the IFC and looks forward to expanding home ownership in the Kingdom.
IFC, with total assets of US$32.4 billion as at 31st December 2004, is a member of the World Bank Group, responsible for private sector investments in developing countries. IFC provide financing and equity investments, advisory services, and guarantees. IFC has ratings of AAA/Aaa from Standard and Poor's and Moody's respectively.
The selection of SABB for this prestigious financing was a result of the project being compatible with a long-term mortgage programme launched by SABB as part of its long-term financing portfolio. The strength of SABB and the diversity of its products and services as well as its wide base and strong management encouraged IFC to choose SABB for this transaction.
25 June 2005
The Saudi British Bank has been chosen as "Best Equities House in the Kingdom of Saudi Arabia for 2005" by Euromoney.
Geoff Calvert, Managing Director of SABB said SABB has a highly developed brokerage service, trading in through six dedicated investment centres, with a dedicated one for ladies and15 Tadawul share-trading branches.
SABB has also commenced its service offering trading in GCC stock markets through three dedicated centres in Eastern, Central and Western Provinces.
Mr. Calvert added "the award represents an appreciation of the Bank's efforts across many sectors, including Customer Service and employment of Saudi nationals which stands now at 82% of the total number of employees, as well as the Bank's introduction of the latest banking technology to facilitate the launch of an array of services and products to meet the requirements of customers which stresses the bank's leadership in the Saudi banking sector".
20 June 2005
The Chairman of The Saudi British Bank (SABB), Sheikh Abdullah Bin Mohammed Al-Hugail, has announced that the bank’s Board of Directors has approved the distribution of a net interim dividend of SAR10 per share ( after deduction of Zakat) . This will result in a total gross interim dividend payment of SAR526 Million before deduction of Zakat, representing an increase of 11.8 per cent over the same period last year.
Dividends will be credited on Saturday 10 Jumad Thani 1426H (according to UmAlQura calendar) corresponding to 16 July 2005, to the accounts of shareholders on the bank’s share registry as on Thursday closing 01 Jumad Thani 1426H (according to UmAlQura calendar) corresponding to 7 July 2005, who maintain accounts with SABB and whose details are available at the share registry.
Shareholders maintaining accounts with other local banks, and who have provided details to the share registry, will have dividends transferred to those accounts. As per SAMA instructions, Shareholders who have not provided the share registry with updated details and ID numbers should contact share registry or the nearest SABB branch with appropriate identification to update their details using the formats assigned for this purpose, before Wednesday 29 Jumad Awal 1426 H(according to UmAlQura Calendar) corresponding to 6 July2005.
Al-Hugail pointed out that the decision of the Board of Directors which approves the distribution is within the framework of the bank’s plan that aims to pay a remunerative interim dividend, enhance shareholders’ interests and achieve their aspirations.
13 June 2005
For the First time in the Kingdom
SABB Launches Ladies Lounges in all its Branches in the Kingdom
In line with SABB concern to provide best services to all segments of its customers, the bank has decided to establish ladies lounges in all its branches of the Kingdom. The step represents the first of its kind in view of the special status of women in the community.
SABB commenced this week to launch 12 lounges in the Central, Eastern and Western provinces as part of a first phase of a plan aimed at expanding ladies lounges network Kingdom-wide.
The first phase of the project was completed with the opening of three lounges at the branches in Kharj, Ras and Tahlia branches in Riyadh.
Commenting on the event, Mr. Sulaiman Al Hamdan, Deputy Managing Director of SABB said: “The project went ahead in accordance with the proposed plan and will be completed in phases by 2007. Lounges aim to provide easy access for ladies in every branch of SABB and to expand the framework for distribution of services to all women customers. He emphasized that the initiative was implemented with “Customer First Strategy” as its overriding concern.
Al Hamdan added, “We understand very well the uniqueness of the Saudi society and the best ways for delivering our services to the ladies customers. The lounges will be totally separated from male sections with independent entrances and female staff to assist lady customers”.
SABB employs the highest percentage of Saudi women staff within the banking sector. SABB achieved 100% Saudisation in the ladies section which accounts for 12% of the bank total staff members.
11 June 2005
SABB has donated artistic paints drawn by famous Saudi artists to Orphans Care Society (INSAN) valued around SAR 420,000. The donation was in line with SABB commitment to the community and to support social and charitable activities.
Those valuable artistic paints were drawn by a number of famous artists, one of whom was late Mohamed Al Salim. The bank donated 27 paints to the orphan society in order to display them in the “Arts Exhibition” which was recently held at the National Museum in King Abdulaziz Historical Center for the purpose of selling them and utilizing their proceeds in the activities of the society.
Commenting on the occasion, Sheikh Abdullah Bin Mohamed Al Hugail, Chairman, SABB said: “The bank has taken this initiative in line with its responsibility towards development of the community, supporting needy people and promoting their activities. In addition, SABB aimed by this step to support the artistic works and the creative spirit of Saudi artists on the one hand and at the same time support charitable and orphans care programs. The donation also highlights the humanitarian role of the orphans society towards this important segment of the community and provide support to it in order to continue its great role and welfare services towards orphans ”.
28 May 2005
The first of its kind in the Kingdom
SABB & Hafil Transport Est. signed Ijara Lease Contract
The Saudi British Bank (SABB) and Hafil Transport Establishment recently signed an ijara lease contract for leasing 5,500 buses for a total amount of SAR 848 Million to transport Hajj pilgrims. The project is the first of its kind in the Kingdom on basis of the Islamic Ijara concept for leasing Hajj and Umrah buses.
The agreement was signed at the offices of Hafil Est. in the presence of Sheikh Mohamed Yousef Naghi, Mr. Geoff Calvert, Managing Director of The Saudi British Bank, and Mr. Waleed A. Kayyal, SABB’s Western Region General Manager Financial Services.
Commenting on the event, Mr. Calvert, said: “The Bank takes the opportunity to highlight the efforts of the Ministry of Hajj for providing best services to the pilgrims which continue to develop every season. We wish to take part in the success of these efforts. We will save no efforts to contribute to any other achievements in this field as well as other fields related to Holy shrines in the near future”.
Mr. Calvert added: “SABB is proud to be the first Bank in the Kingdom to provide this service to its corporate customers in the field of pilgrims and visitors transport. This will be added to our achievements, which evidence SABB capabilities in the Saudi banking sector and success in the management of the projects in which we take part. We aim to provide best services to our customers, maintain their satisfaction and achieve their desires”.
The Saudi British Bank signed an agreement in March 2004 with Sejel Technology Co. to electronically handle payments of Umrah visas fees on global basis. This was done within the framework of the Ministry of Hajj efforts to facilitate Umrah procedures and enable pilgrims to electronically apply and pay for their Umrah packages through the authorized agents outside the Kingdom.
SABB is considered to be one of the Saudi banks committed to supporting projects and activities in different social, economical and development fields. The bank has to its credit a string of achievements in the recent past, such as the “Best Bank in the Kingdom for 2004” award by Euromoney International for the second year in a row. It was also given a high rating by the prestigious Standard and Poors Credit Rating Agency.
28 May 2005
The Saudi British Bank (SABB) hosted a round table discussion recently with a high level delegation of Singaporean Financial Executives. They also visited the local share dealing room in Riyadh Super Branch followed by a business lunch.
The meeting was intended to provide the Singaporean delegation with an overview of the dynamics of the Saudi market and identify opportunities for two way trade and Investment.
Mr John Richards, Executive Director and Chief Operating Officer of the Saudi British Bank along with a group of 10 executives from the Corporate, Investment and Treasury departments, were present at the meeting to answer questions from the visiting delegation and follow up on any subsequent business opportunities.
Commenting on the talks, Mr Richards said, “ This is a good opportunity to promote trade between the business communities of the two countries.” SABB has an unparalleled competitive advantage in handling trade between Saudi Arabia and countries in Asia through the substantial Asian network or its foreign shareholder HSBC.
21 May 2005
The Saudi British Bank has recently launched an advertising campaign for marketing SABB Credit Cards in the Kingdom. New terms and facilities are offered to customers wishing to acquire SABB cards in addition to the other advantages provided by the credit cards. The campaign offers the customer easy terms and conditions for acquisition of SABB Credit Cards.
The aim of the campaign is to facilitate the issue of the cards and to eliminate many of the complex procedures customers had to go through before, such as opening of account with SABB, assignment of salary and the minimum salary pre-condition.
Commenting on this occasion, Mr. Suleiman Al-Hamdan, Deputy Managing Director said“ it is the Bank’s policy to focus on advanced banking services that are up to the expectations of our customers, and it is on that basis that we meet the ambitions and aspirations of our customers.
He added that the campaign was very well met by a wide segment of customers as SABB cards provide many advantages to the holders thereof. He expected an increasing demand to continue by customers on SABB cards building on the confidence customers place in SABB and its services apart from the unique features SABB cards provide.
The Saudi British Bank is a leading issuer of credit cards. Two world- leading credit cards are being issued by SABB; SABB Visa and SABB MasterCard which are acceptable at more than 20 million commercial outlets around the world. SABB Cards also provide cash withdrawal facilities through more than 350,000 ATMS in the Kingdom and around the world. SABB Credit cards provide also interest free credit for a period up to 6 weeks on purchases in case of full monthly payment option of dues.
07 May 2005
After Distinct Success In Umrah Automated Payment Project, SABB Supports Contractual Procedures Between External Agents And Umrah Companies
Subsequent to the success achieved last year in organizing automated payment of Umrah fees worldwide, SABB initiates support to the whole Umrah process by facilitating the relations between the Umrah companies and their foreign agents abroad.
With this new initiative, SABB aims to assist Ministry of Hajj in the achievement of their goals such as to facilitate the Umrah application process and payment of fees amongst the agents of Umrah companies in other countries, particularly Pakistan, Iran and Egypt and to fully automate Umrah organization procedures.
Commenting on this project, Mr. Sulaiman Al-Hamdan, Deputy Managing Director of SABB said: “ We are very proud to work with the Ministry of Hajj on such prestigious projects which allow SABB to serve and reach its customers worldwide. With this project, SABB will facilitate the business of more than 5000 external agents outside the Kingdom. This step is second to the great success achieved by SABB in the automation of Umrah fees collection through its 75 branches in the Kingdom and the network of HSBC globally. SABB employs its advanced experience in the technical field to develop and provide tailored solutions to this project.
He added: We seize this opportunity to laud the efforts of the Ministry of Hajj to provide best services to Pilgrims which services are becoming more sophisticated year on year. We hope we can help in making such efforts successful and shall endeavor to achieve another success with the Ministry of Hajj after the previous success achieved. This new success will be added to the list of successes achieved by SABB on projects relating to different government authorities”.
SABB is considered to be one of the Saudi banks most interested to support projects and activities in different social, economical and development fields as well as the religious, humanitarian, scientific, educational and health functions. The bank has recorded many achievements in the previous years most of which was the “ Best Bank in the Kingdom for 2004” award by Euromoney International for the second year in a row. It was also given a distinct rating by the prestigious Standard And Poors Credit Rating Agency.
30 April 2005
In a move that emphasizes SABB commitment to the community and its extensive efforts to fight money laundering crime which adversely affects national and global economies, SABB has recently participated in the 11th training course organized by SAMA for Their Honor the judges of The Ministry of Justice and The Bureau of Grievances about money laundering, terrorism financing and economic crimes.
SABB was represented in this activity by Mohammed Bin Ibrahim Al-Obaid and Ahmed Bin Nasser Al-Otaibi from Compliance Department. A comprehensive presentation about money laundering in the Kingdom was given to 27 judges to acquaint them with specialized scientific knowledge on money laundering and terrorism financing activities as well as on combating economic crimes. The judges were advised of the most important systems, instructions and practices to develop their skills in this field on the national and global levels.
Their Honor the judges were acquainted with the procedures, controls and systems adopted by commercial banks to uncover laundering of money realized from illegal sources as followed by money launderers to this effect.
SABB advised Their Honor the judges of the roles and duties of commercial banks and their staff as provided for in the Money Laundering Control Rules which has been put into effect and the Rules for control of money laundering and combating terrorism financing as issued by SAMA in the year 2003G.
The course is organized 3 times yearly by SAMA, and the number of judges who received training so far amounts to 246 judges. The course is managed by a group of economic crime specialists.
23 April 2005
The Saudi British Bank First Quarter 2005 Results
Highlights
Commentary
The Saudi British Bank (SABB) recorded a net profit of SAR456 million (US$122 million) for the quarter ended 31 March 2005. This represents an increase of 25.1 per cent over the SAR364 million (US$97 million) earned in the quarter ended 31 March 2004. Earnings per share increased to SAR9.12 (US$2.43) compared to SAR7.29 (US$1.94) for the first quarter in 2004W.
Customer deposits increased to SAR42.3 billion (US$11.3 billion) at 31 March 2005 from SAR37.2 billion (US$9.9 billion) at 31 March 2004.
Loans and advances to customers increased to SAR32.3 billion (US$8.6 billion) at 31 March 2005 from SAR27.2 billion (US$7.3 billion) at 31 March 2004.
The bank’s investment portfolio totalled SAR16.4 billion (US$4.4 billion) at 31 March 2005, a decrease from SAR17.4 billion (US$4.6 billion) at 31 March 2004.
Geoff Calvert, managing director of The Saudi British Bank, said: “The Saudi British Bank has made an encouraging start to 2005. Operating revenues are well above 2004 levels, with particularly strong growth in non-funds income which has continued to benefit from a strong local equity market. Despite incurring higher overheads to support business growth, the bank’s cost:income ratio has continued to reduce reflecting improved operational efficiency. Our loan portfolio remains sound and this is reflected in the low provision for credit losses. Capital and liquidity positions remain strong.
“One of the highlights of the quarter was the successful issue of a US$600 million eurobond to investors throughout Europe, Asia and the Middle East. This is the first eurobond ever issued by a Saudi Arabian company. The success of the issue is recognition of the bank’s strength and reputation in the international markets.
“We thank our customers for their continued support and our staff for their commitment and contribution to the bank’s success.”
13 April 2005
The Saudi British Bank Issues First Ever
International Bond By A Saudi Arabian Issuer
The Saudi British Bank (SABB) has become the first Saudi bank to issue an international bond. The size of SABB’s debut international bond, which is structured as a floating rate note with a five-year maturity, is US$600 million. The bond is the inaugural issue under the bank’s new Euro Medium Term Note (EMTN) Programme.
Ahead of issuance, a senior level SABB delegation undertook an international roadshow to major financial centres in Asia, Europe and the Middle East to address the growing interest in Saudi Arabia among foreign investors. The response was very positive, with investors attracted to the first issue from Saudi Arabia as well as the credit quality of SABB itself. The key messages that were presented to investors were SABB’s strong creditworthiness, excellent credit ratings (including the recently awarded A- from Standard & Poor’s), 40 per cent ownership by the HSBC Group, and the 20 per cent risk weighting that SABB as a Saudi entity carries. The combination of these factors enabled the bond to be priced at a very competitive level, US$ LIBOR +41 bps.
When the order book was closed prior to pricing and launch of the bond, its total size was over US$1 billion. Out of the final distribution of bonds, 53 per cent was placed in Europe, 25 per cent in the Middle East and 22 per cent in Asia. Investors include banks, insurance companies, fund managers, private banks and corporates.
Geoff Calvert, Managing Director of SABB, said: “We are delighted to have set the benchmark for the Saudi Arabian banking sector and are gratified that the story that we have been presenting has been so well received by investors who are new to the bank and to Saudi Arabia.
“SABB intends to be a proactive player in the debt capital markets and we look forward to maintaining our new investor relationships and to fostering new relationships on our future issuance.”
The arranger of the programme and sole lead manager of the bond issue is the HSBC Group. The Group is the first bank to have lead managed eurobonds out of each of the GCC countries.
02 March 2005
Standard & Poor's Assigns Rating Of (A-) To The Saudi British Bank
The Saudi British Bank Plans First Eurobond By A Saudi Company
Standard & Poor's, one of the world’s leading credit rating agencies, has today assigned a long term foreign currency rating of A- to The Saudi British Bank (SABB).
Standard & Poor's ascribed its rating to "SABB's stable and strong financial performance, as well as its 40% ownership by the HSBC Group". S&P also commented that SABB "displays one of the most solid asset quality indicators among banks in the Middle East" and "is recognised as flexible and innovative, differentiating itself through quality service".
SABB recently reported its 2004 year-end results showing a 30 per cent, increase in net profit to SAR1,636 million (US$436 million) and total assets at 31 December 2004 of SAR57.9 billion (US$15.4 billion).
SABB also announced plans to issue a US Dollar-denominated, five-year, floating rate "Regulation S" eurobond in the near future – becoming the first Saudi Arabian company to issue a eurobond. It intends to issue the bond under a newly established Euro Medium Term Note (EMTN) programme. The issue is part of SABB’s medium-term funding strategy and is intended to open new markets for Saudi borrowers. It will be marketed in the Middle East, Asia and Europe and SABB has appointed the HSBC Group as lead manager.
Geoff Calvert, managing director of The Saudi British Bank, said: "The rating not only affirms the bank’s strong financial performance and market position, it is also testimopny to SABB’s ability to provide a full range of quality services to meet customer needs and its innovative strategy.
“Obtaining the rating is the first step towards implementing our innovative capital markets strategy. A debut eurobond (the first by a Saudi issuer) will follow in the near future and we intends to take the lead in developing the use of global capital markets by Saudi Arabian borrowers. We will demonstrate the growing sophistication of the Kingdom’s markets and the growing profile Saudi Arabia has amongst international investors."
The full S&P report can be obtained from SABB upon request.
01 February 2005
The Saudi British Bank 2004 Annual Results
Highlights
Commentary
The Saudi British Bank (SABB) recorded a net profit of SAR1,636 million (US$436 million) for the year ended 31 December 2004. This represents an increase of 30.0 per cent over the SAR1,258 million (US$335 million) earned in 2003. Earnings per share increased to SAR32.72 (US$8.72) compared to SAR25.16 (US$6.70) for 2003.
Customer deposits increased to SAR44.7 billion (US$11.9 billion) at 31 December 2004 from SAR36.1 billion (US$9.6 billion) at 31 December 2003.
Loans and advances to customers increased to SAR31.6 billion (US$8.4 billion) at 31 December 2004 from SAR26.1 billion (US$7.0 billion) at 31 December 2003.
The bank’s investment portfolio totalled SAR14.7 billion (US$3.9 billion) at 31 December 2004, a decrease from SAR16.0 billion (US$4.3 billion) at 31 December 2003.
Geoff Calvert, managing director of The Saudi British Bank, said: “These results for 2004 reflect the bank’s strong market position and our ability to provide a full range of quality products and services to meet our customers’ needs. Operating revenues, especially non-funds income, had a very good year benefiting from a buoyant economy and equity market. Overheads have been contained in line with our expectations and our cost:income ratio has continued to improve. Our loan portfolio remains sound. This is reflected in low levels of non-performing loans and a low charge for credit losses. Capital and liquidity positions remain strong.
“All areas of the bank have performed well. In particular, there has been strong demand for our Al Amanah Islamic banking range of products.
“For the second consecutive year the bank received the Euromoney award for the ‘Best Bank in the Kingdom of Saudi Arabia’.
“The Directors have recommended a final net dividend of SAR10 per share. The total net dividend for 2004 will amount to SAR19 per share as an interim net dividend of SAR9 per share was paid in July 2004.
“We thank our customers for their continued support, and our staff for their commitment and contribution to the bank’s success.”
18 January 2005
The Saudi British Bank (SABB) Donates One Million Saudi Riyals to South-East Asian Tsunami Relief Fund
SABB has donated SR1million in support of the Kingdom’s relief campaign launched last Thursday for victims of South-East Asian countries hit by the Tsunami.
Commenting on the occasion, Sheikh Abdullah Al-Hugail, Chairman, SABB, said: "The Board has taken the initiative on behalf of the stakeholders and participated in this campaign to ensure SABB’s role in supporting humanitarian campaigns. It is also in line with the Kingdom’s efforts to provide relief support wherever needed. This donation also highlights the humanitarian facet of the Kingdom worldwide and the nature of the Saudi citizens in providing support to all peoples of the world under natural disasters."
11 January 2005
For The First Time In The Kingdom, SABB Launches Online Registration Service For NCCI IPO
In line with The Saudi British Bank (SABB) efforts to provide latest banking technologies that contribute to the development of banking services offered by SABB in particular, and the Saudi banking sector in general, SABB has for the first time in the Kingdom launched a web-site www.ektetab.com for online self-registration for the forthcoming Initial Public Offering (IPO) of The National Company for Cooperative Insurance (NCCI). This step will facilitate the registration procedures and loading of investors’ personal details.
Mr. Sulaiman Al-Hamdan, SABB’s Deputy Managing Director, said: “Online registration service is an alternative procedure for submission of subscription details through electronic channels before the customer visits his bank branch. The customer can obtain the Subscription Application Form from the web site, print and fill it out before processing it at his bank branch.
"Application Form obtained through the website will be treated as an original form issued for this purpose and will be given a reference number by the system automatically. The website will also enable the investors to load their personal and subscription details online. This will save the processing time at the customer’s bank and avoid the problem of possible shortage of Application Forms."
Mr Al-Hamdan added, "The website will be available for all local banks and their customers so that applicants can complete the application form from the convenience of their homes through the websites of the receiving banks or NCCI site on the Internet." "The website, he continued, will also provide many useful information on how to complete the form, terms and conditions of the IPO and FAQ. The site will not be restricted to NCCI IPO self registration only, but investors can also register through this site for any future IPOs managed by the SABB."
Al-Hamdan further added, “During the year SABB had many successes. One of the highlights was being recently rated as the “Best Bank in the Kingdom of Saudi Arabia for 2004” for the second year in a row by the Euromoney Magazine. Mr Hamdan keen to see that SABB as manager of this IPO to achieve all out success of the process at the Bank as well as at other participant banks. He emphasised SABB’s concern to safeguard the rights of the subscribers and to serve them by all available means in order to make the subscription process easier. SABB took the initiative to develop the electronic system for NCCI IPO and provided other banks and their customers with the opportunity to benefit from this system in an effort by SABB to provide the easiest and most convenient methods of subscription for all subscribers."
19 December 2004
