450 Economic Opinion-Leaders Attend SABB’s “Global Markets Roadshow”
About 450 leaders of Saudi Arabia’s industrial, commercial and financial community attended the second annual “Global Markets Roadshow” which just rolled through Jeddah, Riyadh and Al Khobar.
The Global Markets Roadshow was organised by SABB’s Treasury for key corporate Institutional banking, commercial banking and private banking clients. Two eminent specialists in the field of economics David Bloom (Global Head, Foreign Exchange Strategy, HSBC) and Dr. John Sfakianakis (SABB Chief Economist) presented their views on the current and future direction of the world, Gulf and Saudi economies. The key themes for 2008 were global foreign exchange and the regional macro economic environment.
The roadshow provided a unique insight to current economic issues, made possible through the close partnership between SABB - with its distinctive local vision - and the international expertise of the worldwide HSBC Group, one of the largest and most influential financial institutions in the world.
A welcome address by SABB’s regional Area General Managers opened each venue, while Walid Khoury, SABB’s Treasurer, gave closing addresses.
Mr Khoury said: “In addition to examining events that are impacting on foreign exchange and the world and regional economies, we also highlighted our treasury capabilities relevant to our various client segments.
The event was highly successful and customer feedback showed that they appreciated the insight they gained into the transactional environment they operate in, as well giving them focus on markets’ perspective. This second roadshow was valuable in updating our customers at a time of world economic turmoil.”
Mr Khoury added: “The roadshows also aim to create more visibility for SABB and adds further to SABB’s ongoing theme of ‘Local Vision, International Expertise’ “.
01 December 2008
SABB sponsors Cancer Children Annual Recreational Festival
The value of the ‘SABB in the Community Programmes’ has once again been recognized with the award of a plaque and an appreciation certificate by the Saudi Society for Cancer Patients Care in the Eastern Province. The award follows SABB’s sponsorship of the highly successful Annual Recreational Festival for Cancer Children.
Mr. Ibrahim Abo-Mouti, Head of Corporate Communications at SABB, said “This event is one of the most important humanitarian initiatives supported by the Bank, to aid cancer patients and help in alleviating their sufferings". He also expressed his thanks and appreciation to the festival organizers and participants, who helped in making this event a success.
Mr. Abo-Mouti emphasized that the Bank's collaboration with charitable societies, stems from SABB's strong sense of its responsibility towards the community, and its firm belief in supporting projects and activities backed by societies such as the Saudi Society for Cancer Patients Care.
“We are proud of our association with organizations that really do make a difference to society in the Kingdom through effective humanitarian and charitable activities. We are keen to enhance our cooperation with such societies.”
In recent years, SABB has paid special attention to developing "SABB in the Community Programmes", regularly initiating new programmes to supplement its current community support activities. These include the annual MBA Scheme, which enables Saudis to obtain MBA degrees from the UK, and SABB's annual sponorship of the Chair-in-Finance at KFUPM. SABB also supports a number of charities - for instance, the School Bag Programme, supervised by the Orphans Charitable Society (Ensan) - and participates in programmes such as the Annual Blood Donation campaign, and the "One Million Clean-up Campaign", an initiative supervised by Riyadh Municipality to clean one million square meters at Al-Thumamah Area in Riyadh. Additionally, SABB sponsors widows and orphans to perform Omra during the month of Ramadan, and organizes regular participation of its staff in the work of a number of charities.
15 November 2008
SABB Named Top Cash Management Bank in Saudi Arabia
SABB has been named as Saudi Arabia’s No. 1 cash management bank in a poll of thousands of cash managers, treasurers and financial officers worldwide carried out by Euromoney Magazine.
Now in its 8th year, the Euromoney Cash Management Poll attracted a total of 6,328 valid replies to questions relating to international cash management services, a growth in respondents of 66%. Of these, 4877 voters were from corporations and 1451 from financial institutions.
But this year, for the first time, the poll also captured data on domestic cash management providers and SABB topped the Saudi market share rankings.
Adel M Al-Nasser, Deputy Managing Director at SABB, commented: “Companies and institutions in Saudi Arabia have become increasingly aware of the need to get the maximum benefit from efficient management of their cash. SABB offers the full range of cash management solutions through specialist staff, backed by the state of the art systems. By providing tailored solutions to meet each customer’s specific needs, we can make a real difference to the profitability of their businesses.
He also added: "We are proud and delighted that we have come top of Euromoney’s poll. The results demonstrate SABB’s reputation and track record as a provider of truly effective cash management solutions.”
The Euromoney Cash Management Poll provides a unique snapshot of the global cash management industry and gives an invaluable insight into which banks are leading the way in this increasingly competitive and fast changing industry.
03 November 2008
As part of “SABB in the Community” Programmes
SABB offers scholarship programmes for an MBA from U.K.
SABB's inaugurated its annual campaign for the yearly MBA scholarship programme from U.K., offered to male and female Saudi graduates, who are interested in acquiring an MBA degree. Early this week, the bank started receiving applications from interested candidates.
SABB provides tuition fees, accommodation, living expenses, and airline tickets, in addition to a daily pocket allowance, to enable selected candidates to make the best our of this excellent opportunity, that aims to improve their future career.
Through its annual "MBA Scholarship Scheme", SABB aspires to provide the local job market with qualified and skilled Saudi male and female cadre. The programme comes under the umbrella of "SABB in the Community Programmes", to enable all society members, in the government and private sectors, to benefit from this opportunity, as well as male and female Saudi university graduates, and those who acquired degrees from other accredited universities, and interested in pursuing higher studies, with the intention of improving their careers.
This programme highlights the bank’s commitment to national and social responsibilities, and comes in conformity with the directives that call for the participation of local companies and establishments, to support Saudi cadre who are able to participate efficiently in different development aspects witnessed in the Kingdom, where the human factor is a necessity for the success of any development plans.”
It is worth mentioning that SABB is the first bank to introduce this pioneering educational programme in Saudi Arabia, in 1997, tailored for all male and female Saudi graduates, to pursue higher education abroad. The bank sends a group of candidates to accredited universities in U.K, without any obligation on the student’s part to work for SABB after completion of the course.”
18 October 2008
As a part of "SABB in the Community Programmes"
SABB donates school bags to (ENSAN) Charitable Society
In line with its role as an active supporter of various charitable activities in the Kingdom, SABB has donated 3000 school bags, as a contribution, to the "School Bag Programme", supervised by the Riyadh Orphans Care Charitable Society (ENSAN), to correspond with the commencement of the new school year.
This donation comes under the umbrella of "SABB in the Community Programmes", a gesture that denotes the Bank's support and sponsorship, to charitable and social societies. It also highlights SABB's close relationship with the community, and its relentless efforts to meet its needs, and participate actively in various drives and initiatives that enhance the participation in charitable causes and activities.
Mr. Ibrahim S. Abo-Mouti, Head of Corporate Communications at SABB, said, “SABB is always participating in various community events, and endeavors to provide all types of support and sponsorship to the efforts exerted by government and private institutions, that intend to support, and enhance and develop the community. Through this initiative, the bank aims to support the educational process, and to participate in raising-up and preparing a dear group of kids in this country, and help them to face the challenges ahead, and build a better future for themselves and their country." Abo-Mouti, also expressed his appreciation and thanks to the management of ENSAN Charitable Society, for their efforts to make this programme a success.
It is worth mentioning that, during recent years, SABB has paid great attention, to develop "SABB in the Community Programmes", by introducing new programmes in addition to the ongoing ones, i.e. the sponsorship of SABB's Annual MBA Scheme that enable Saudis to obtain an MBA degree from top UK universities. In addition to the ongoing sponsorship of the Chair-in-Finance, at King Fahad University of Petroleum and Minerals (KFUPM), SABB's Annual Blood Donation Programme, the bank's participation in Riyadh Municipality drive: "A One Million Square Meters Cleanup Campaign", at Al-Thumamah area in Riyadh, the sponsorship of Umra for 200 widows and orphans, during the holy month of Ramadan, and the constant visits paid by the bank's management and staff to charitable societies, to support and sponsor various programmes and activities at these societies.
11 October 2008
Highlights
Commentary
SABB recorded a net profit of SAR2,263 million (US$603 million) for the nine months ended 30 September 2008. This represents a 19.0 per cent increase over the same period in 2007. Net special commission increased by SAR193 million (USD51 million) or 8.6 per cent driven by higher volumes and non funds income grew by SAR352 million (USD94 million) or 38.3 per cent reflecting strong performance from SABB's well diversified product portfolio.
Overheads increase by SAR184 million (USD49 million) in the nine months to 30 September 2008, or 18.3 per cent compared with the same period in 2007, mainly due to an increase in headcount and performance related compensation. Provisions for bad debts have reduced by SAR15 million (USD 4 million) in the nine months to 30 September 2008, or 5.1 per cent compared with the same period in 2007, with increased recoveries offsetting higher volume driven general impairment charges.
John Coverdale, managing director of SABB, said: “These results demonstrate SABB's commitment to providing consistent and sustainable results by carefully balancing our risk and growth appetite. Furthermore we advise that we have no significant exposure to the US sub-prime mortgage market which would have an adverse impact on these results.
"We thank our customers for their continued support and our staff for their commitment and contribution to the bank's success"
8 October 2008
A group of SABB employees paid visits to a number of charitable societies and centers in the Kingdom during the holy month of Ramadan, in order to meet and get together with the staff and residents of these centres during this holy month.
The group consisting of senior officials accompanied by staff members visited Al-Faysaliah Charitable Society in Jeddah, Riyadh Orphans Care Charitable Society (Ensan) and Prince Sultan Centre for Social Upbringing in Dammam, in a bid to strengthen relations and provide support to the programs offered by these societies.
Commenting on the occasion Mr. Ibrahim Abo-Mouti, Head of Corporate Communications at SABB, said: "During the holy month of Ramadan, SABB has boosted its social and charitable activities which comes under the umbrella of "SABB Programmes in the Community", and Ramadan is a suitable occasion to enhance the existing collaboration and ties with charitable societies in the Kingdom, and highlight our support to the programmes which care for the needy and poor in the community"
Abo–Mouti emphasized that the bank's collaboration with these societies is a part of its responsibility towards the community, and comes in line with our believe in the noble aims of these projects, and through the active contributions of the bank's staff in the different charitable, social and environmental activities which help to make such projects a success. Mr. Abo-Mouti, also highlighted the success of SABB strategy in promoting the active participation and involvement of the bank's staff in the different charitable, social and environmental activities, and the positive results achieved in this regard.
It is worth mentioning that SABB - during the recent few years - developed and promoted many new community service programmes, in addition to the ongoing and existing ones i.e. the Bank's annual scheme to obtain an MBA degree from Britain, and the sponsorship of KFUPM chair-in-finance, and the Bank's continued support to charitable societies, like the sponsorship of "The School Bag Programme" supervised by Riyadh Orphans Care Charitable Society (ENSAN), in addition to SABB's annual "Blood Donation Campaign", and the participation of SABB staff and their children in Riyadh Municipality programme "One million Cleanup Campaign", an initiative that aimed to clean a one million square meters at Al-Thumamah area in Riyadh." and SABB support to widows and orphans to perform Umrah during the holy month or Ramadan.
27 September 2008
SABB sponsored and assisted 200 widows and orphans to perform Umrah during this Holy Month of Ramadan through its participation in the “Umrah Programme” organized by Riyadh Orphan Care Charitable Society "Ensan".
Mr. Ibrahim Abo-Mouti, General Manager, Corporate Communications, at SABB said: ”SABB support to this charitable project is part of its Community Support Programmes and comes in line with its social responsibility to assist widows and orphans in performing Umrah”. He also praised and commended “Ensan” efforts to make such project a success.
“The holy month of Ramadan represents a valuable opportunity to double charitable activities and strengthen relations and ties with the community. To this effect, the bank has increased its charitable and social activities during the month of Ramadan. Senior officials accompanied by staff members have visited the Faisaliah Charitable Society in Jeddah, Orphan Care Charitable Society (Ensan) in Riyadh and Prince Sultan Center for Social Upbringing. The bank has also participated in and supported the programmes offered by such societies in addition to enhancing the awareness of the importance of social responsibility by including guidance messages in the commercial advertisements announced through media and broadcasting stations”, Abo Mouti added
It’s worth mentioning that SABB’s concern during the last few years over development of SABB community services programmess and creation of new programs in addition to the other already introduced programs such as the “Annual Scholarship Program for obtaining an MBA degree from UK, SABB Chair-in-Finance at KFUPM, and its continuous support of charitable societies such as the “School Bag Programme” supervised by Ensan, the “Annual Blood Donation Campaign” and the bank's participation in the Riyadh Municipality drive to clean one million square meters at Al-Thumamah area in Riyadh.
24 September 2008
SABB announced the launch of the new Amanah Visa credit card as a part of the Amanah family of Shariah compliant products.
Mr. Adel Al-Nasser, Deputy Managing Director at the bank, handed the new card to Mr. Bakheet Khalaf Al-Tamimi, as the first customer to obtain this credit card, in the presence of a group of senior managers at the bank.
Commenting on the event, Adel Al-Nasser, Deputy Managing Director said “The launch of new card reflects continuation of the relationship between SABB and VISA and indicates SABB keenness to provide all services to its customers up to their wishes and inspirations based on SABB commitment to their strategy of continued creation and renovation in all respects. The launch of the card also aims at maintaining our leading position in the credit card market in the light of the recent development and progress of the market".
Saeed Al-Khuraimi, General Manager SABB Amanah said “the new card is built on the Tawarruq principle and it gives the customer the advantages and flexibility over any other credit card. The card allows the customer payment flexibility of minimum payment of the total outstanding every month and revolve the remaining amount through Tawarruq transaction. The card comes with the exciting option of free shopping through SABB’s well-recognized ‘ICSABB’ program that allows card members to earn points and get discounts and shopping vouchers for the participating outlets. The card is acceptable all over the world".
SABB’s market share stands at about 20% thanks to the high standard of service provided by SABB in terms of credit cards and to other incentives and advantages availed to cardholders constituting important drives for customers to obtain SABB cards. ICSAB Loyalty program that rewards the customer for his purchases by the card stands on top of such incentives and advantages.
20 September 2008
SABB has won two awards in the World's Best Internet banks competition in the regional sub-category consumer banking prizes awarded by the prestigious international publication, Global Finance, in its World's Best Internet Banks in the Middle East and Africa 2008 awards. The two internet banking awards won by SABB were: Best Investment Management Services and Best Online Consumer Credit Site for the year 2008.
Winning banks were selected based on the following criteria: strength of strategy for attracting and servicing online customers, success in getting clients to use web offerings, growth of online customers, breadth of product offerings, evidence of tangible benefits gained from Internet initiatives, and web site design and functionality. Winners were chosen among entries evaluated by a world-class judging panel.
It is worth mentioning that SABB dedication to continuous development of internet services provided to customers, and the utilization of cutting edge new technologies, to deliver its products to customers, and to facilitate their banking transactions and requirements, a strategy that has resulted in winning many awards in this field, in addition to fulfilling customers' aspirations and needs, related to service quality and ease of access.
27 August 2008
SABB recently celebrated the inauguration of HSBC Bank Middle East Call Centre operations in Riyadh to serve HSBC Middle East customers more effectively.
The inauguration ceremony was attended by SABB's senior management, headed by Mr. Nabil Al-Hoshan, General Manager, SABB Personal Financial Services. In his comments on the launch Mr. Al-Hoshan said: "This move falls within the framework of a series of joined-up projects between SABB and HSBC Middle East, that aims at enhancing the services offered to customers all over the world, utilizing - by all possible ways and means - the excellent and close relationship between the two banks. Through this new Call Centre, SABB will receive Arabic incoming calls from HSBC customers from all over the Middle East, related to credit cards and other banking services enquiries, in addition to answering questions related to marketing campaigns, and contact with prospective and potential customers. This unit is expected to handle 3000 calls per day by year end."
He further added: "This project is a clear indication of HSBC Group’s confidence in SABB's ability to offer excellent financial services, which meet the highest international standards. We feel confident that more efforts will be exerted to create new and diverse opportunities to enhance and strengthen our business partnership."
Also commenting on the launch, Mr. Abdulfattah Sharaf, CEO of Personal Financial Services, HSBC Middle East said, “The new call centre is part of our ongoing effort to consolidate call centre operations in the Middle East. Our evaluations have shown that substantial operating efficiencies can be achieved by operating our regional call centre in Riyadh, especially when considering the administration, training and technology required to operate a world-class centre.”
SABB’s current call centre operations have won global recognition, being among the world’s best. At the "2007 World Call Centres Awards", SABB won the silver medal for best call centre in Europe, the Middle East and Africa, and the silver medal for "Best Call Centre" among medium sized operations, in addition to the award of "Best Outbound Campaign".
3 August 2008
Highlights
* Earnings per share for the six months ended 30 June 2007 have been adjusted to reflect a 3:5 bonus issue approved at an Extraordinary General Meeting held on 27 April 2008.
The Saudi British Bank (“SABB”) recorded a net profit of SAR1,552 million (US$414 million) for the six months ended 30 June 2008. This represents a 24.0 per cent increase over the first half of 2007. Net profit of SAR795 million (US$212 million) for the three months ended 30 June 2008 increased by SAR38 million (USD10 million) or 5.0 per cent compared with the first three months of 2008.
John Coverdale, managing director of SABB, said: “I am pleased to announce that SABB's strategy of building long term customer relationships supported by a broad range of financial products and services has delivered profit growth in each of the last six quarters. The strength of our balance sheet has allowed us to respond to the increasing demand for funding within the Kingdom as reflected by the 59.5 per cent growth in our loans and advances book over the last twelve months. This asset growth has more than offset the impact of falling rates. In addition, strong performance from our Cards, Trade, Mutual Fund, Treasury and IPO related businesses, together with a modest increase in brokerage income, has delivered well balanced income streams from our funds and non-funds activities.
“Our costs have has increased by SAR151 million (USD40 million) or 23.4 per cent over the first half of 2007 mainly due to an increase in headcount and performance related compensation. Provisions for bad debts in the first half of 2008 have reduced by SAR 4 million (USD1 million) or 1.8 per cent from the same period in 2007 with increased recoveries offsetting higher volume driven general impairment charges.
“Despite strong loan growth, SABB's capital and liquidity ratios remain strong. SABB is acutely aware of the importance of well managed capital and liquidity positions. Senior management monitor the situation on a daily basis and have robust capital and liquidity management policies in place to ensure that balance sheet strength is not compromised during periods of accelerated growth.
“We are pleased to announce the formation of SABB Insurance Services Limited which will complement our SABB Takaful insurance business by providing comprehensive insurance solutions to our Corporate, Global Banking and Markets and Private Banking customers. This new company represents a further step towards our goal of becoming a leading provider of financial services in the Kingdom.
“We thank our customers for their continued support, and our staff for their commitment and contribution to the bank’s success.”
14 July 2008
SABB contributed to the graduation day celebration for the disabled and orphanage children at the Fouad Centre in the Eastern Region, where a group of SABB employees headed by Mr. Saeed Al-Mahoudi, Area General Manager, Eastern Province, along with his team took part with the students from different disabled and orphanages association to celebrate graduation day at the Fouad Centre, in a gesture that highlights the bank's care for this dear group.
Mr. Ibrahim S. Abo-Mouti, Head of Corporate Communications at SABB, said: "SABB pays a great attention to its responsibility towards the community, and this contribution comes as a part of the programmes offered by the bank in this regard, and an attempt to enhance the existing collaboration with charitable societies in the country, and emphasis our support to the programmes carried out by these associations, which care for special needs children in the Kingdom.
It is worth mentioning that SABB – during the last few years – developed and promoted many new community service programmes in addition to the ongoing and existing ones i.e. the Bank's annual scheme to obtain an MBA degree from Britain, and the sponsorship of KFUPM Chair-in-finance, and the Bank's continued support to charitable societies, like the sponsorship of the school bag programme supervised by Riyadh Orphans' Charitable Society (INSAN), in addition to SABB's annual "Blood Donation Campaign", and the participation of SABB staff and their children in Riyadh Municipality programme "One million Cleanup Campaign", that aimed to clean a one million square meters at Al-Thumamah area in Riyadh."
30 June 2008
SABB has recently participated in the 21st training course held by SAMA to their honor the judges of The Ministry of Justice and The Bureau of Grievances, on money laundering, terrorism funding, and financial crimes.
SABB participation in this course underlines its commitment to the community and its extensive efforts to fight money-laundering crimes, which adversely affect national and global economies. Mr. Mohammed Bin Ibrahim Al-Obaid, Head of Compliance Department at SABB represented the bank in this event, where a comprehensive presentation on money laundering in the Kingdom was given to the judges to provide them with specialized knowledge on money laundering and terrorism financing activities as well as on combating financial crimes. The judges were given the latest and essential information, directives and practices to promote their skills and abilities in this field on national and international levels.
Their honor the judges were familiarized with the procedures, controls and systems adopted by commercial banks to disclose and reveal money laundering operations, gained from illegal sources, and the methods adopted by money launderers to carry out such operations.
SABB participation included counseling their honor the judges on the responsibilities and duties of commercial banks and staff as provided for in the Anti-money Laundering Act, dated 25-6-1424-H, and the general rules formulated by SAMA - in 2003 - to combat money laundering and terrorism financing.
21 June 2008
A group of SABB employees headed by Mr. Alaa Al-Jabri, Area General Manager, Western Province, paid a visit to Jeddah Autism Centre, where they met with the Centre students, and distributed gift items among them, in a gesture that highlights the bank's care for this dear group in our country.
Mr. Ibrahim S. Abo-Mouti, Head of Corporate Communications at SABB, said: "SABB is paying great attention to its responsibility towards the community, and this visit comes as part of the programmes offered by the bank in this regard, and an attempt to enhance the existing collaboration with charitable societies in the country, and emphasis our support to the programmes carried out by these societies, which care for special needs children in the Kingdom. Mr. Abo-Mouti also expressed his thanks and appreciation to the staff of Jeddah Autism Centre, who offered all the necessary help to make this visit a success, and to the bank's representatives who initiated this visit."
It is worth mentioning that SABB – during the last few years – developed and promoted many new community service programmes in addition to the ongoing and existing ones i.e. the Bank's annual scheme to obtain an MBA degree from Britain, and the sponsorship of KFUPM Chair-in-finance, and the Bank's continued support to charitable societies, like the sponsorship of the school bag programme supervised by Riyadh Orphans' Charitable Society (INSAN), in addition to SABB's annual "Blood Donation Campaign", and the participation of SABB staff and their children in Riyadh Municipality programme "One million Cleanup Campaign", that aimed to clean a one million square meters at Al-Thumamah area in Riyadh."
10 June 2008
As part of SABB in the Community Programmes, SABB participated in the "World Environment Day", for this year, under the theme "Be Part of the Solution".
SABB participation in this initiative included the distribution of mini in-door plants, the distribution of water preservation kits, and the display of an environmental movie on plasma screens. The bank has also placed environmental awareness advertisements in the press, to raise the awareness of environmental issues, among the Saudi community.
Mr. Ibrahim S. Abo-Mouti, Head of Corporate Communications at SABB, said: "SABB participation in this initiative comes as part of its "SABB in the Community Programme", and an attempt on our side to promote environmental awareness among our employees and the community at large, and their role towards preserving the environment, and also help in enhancing their roles as friends of the environment."
It is worth mentioning that SABB has paid great intention – during the last few years – to develop and promote new community service programmes in addition to the ongoing and existing ones i.e. the Bank's participation in Riyadh Municipality "One million Cleanup Campaign", that aimed at cleaning a one million square meters in Al-Thumamah Area in Riyadh, and the bank's annual "Blood Donation Campaign", in addition to other educational and social programmes."
04 June 2998
SABB has recently participated in the 20th training course held by SAMA to their honor the judges of The Ministry of Justice and The Bureau of Grievances in the Kingdom, on money laundering, terrorism funding, and financial crimes.
SABB participation in this course underlines its commitment to the community and its extensive efforts to fight money-laundering crimes, which adversely affect national and global economies.
Mr. Mohammed Bin Ibrahim Al-Obaid, Head of Compliance Department at SABB represented the bank in this event, where a comprehensive presentation on money laundering in the Kingdom was given to the judges to provide them with specialized knowledge on money laundering and terrorism financing activities as well as on combating financial crimes. The judges were given the latest and essential information, directives and practices to promote their skills and abilities in this field on national and international levels.
Their honor the judges were familiarized with the procedures, controls and systems adopted by commercial banks to disclose and reveal money laundering operations, gained from illegal sources, and the methods adopted by money launderers to carry out such operations.
SABB participation included counseling their honor the judges on the responsibilities and duties of commercial banks and staff as provided for in the Anti-money Laundering Act, dated 25-6-1424-H, and the general rules formulated by SAMA - in 2003 - to combat money laundering and terrorism financing.
1 June 2008
SABB has announced the completion of sale of share fractions resulting from the capital increase. Due shares have been deposited in shareholders portfolios on Saturday 27.04.1429H (03.05.2008) after the Extra-Ordinary General Meeting held on 21.04.1429H (27.04.2008) has approved the capital increase from SAR 3750 Million to SAR 6000 Million by issuing 3 bonus shares for each 5 shares held for shareholders registered in the bank’s registers as at the end of Sunday 21.04.1429H (27.04.2008).
7 May 2008
The SABB Extra Ordinary General Meeting held at the Bank’s head office in Riyadh yesterday, Sunday 27 April 2008, has approved the agenda of the meeting including the increase of SABB capital from SAR 3.750 to SAR 6.000 Million by way of capitalization of retained earnings and issue of 3 bonus shares for each 5 shares held for shareholders registered in the bank’s records as at the end of trading on Sunday 21 Rabi II 1429H (27 April 2008). After the increase, SABB Capital will be SAR 6.000 Million divided into 600 Million shares of equal nominal value of SAR 10 each.
The extra ordinary meeting was attended by a large number of shareholders which indicates an excellent interaction between the Board of Directors and shareholders that would lead to the achievement of bank’s objectives.
28 April 2008
SABB employees participated in "Cleaning One Million Square Meters" drive, initiated by Riyadh Municipality, in an attempt to maintain a clean environment. This drive comes under "SABB in the community Programme" to clean one million square meters at Al-Thumamah area in Riyadh.
Mr. Ibrahim Abo-Mouti, Head of Corporate Communications at SABB, said: "SABB always pays great attention to its responsibility towards the community. The Bank's participation in this drive, comes from its deep rooted believe in the aims of such campaigns, that goes along with our strategy to improve and enhance the environment in which we live. It also highlights the Bank's role as a friend of the environment, and to support the efforts exerted in this regard, in addition to participating in community awareness programme to highlight the importance of caring for the environment.
Abo-Mouti added: "The Bank always endeavors to have its employees to take part in such drives, that aim to serve the community at large, and to instill the concept of community service, and its importance on both individual and community levels. He also pointed out the enormous success of the drive, which witnessed huge participation from SABB employees, and praised the efforts of Riyadh Municipality, and other participating companies, headed by Al-Foadia Commercial and General Contracting Company.
It is worth mentioning that SABB, during the last few years, has paid great intention to develop and nurture new community service programmes in addition to the ongoing ones, for instance the annual programme to obtain an MBA degree from U.K., and the sponsorship of the Chair-in-Finance at KFUPM, in addition the banks continued efforts to support the various causes instigated by various charitable societies, for example 'The School Bag Programme, supervised by “Riyadh Orphans Charitable Society - INSAN”, in addition to the bank's annual "Blood Donation Campaign."
26 April 2008
SABB won the Prince Naif Saudization award at the 6th award distribution event organized by the Ministry of Labor at King Fahd Cultural Centre in Riyadh.
The award was handed over by HRH Prince Naif Bin Abdulaziz Al-Saud, Minister of Interior and sponsor of the event, to Mr. Adel Bin Marzooq Al-Nasser, Deputy Managing Director at SABB. The prize crowns the efforts and contributions of SABB to the implementation of the national Saudization plan and for achieving a high ratio of job Saudization.
Commenting on the event, Mr. Al-Nasser said “HRH Prince Naif Award, stands as a badge of honor for SABB and reflects our sincere efforts and effective contributions towards the successful implementation of the national Saudization plan. It also reflects our belief in the national and community services that we are proud to undertake. The sponsorship of the event and distribution of awards to winning institutions by HRH Prince Naif, Minister of Interior, represents the Leadership appreciation of the efforts of those organizations which achieve high ratios of job Saudization and a sign of support to such organizations in fulfillment of their national and social commitments”.
He emphasized that the award is the outcome of continuous efforts and strategic planning by SABB to invest in the human element by attracting, recruiting, training and developing human resources through a set of training programs that form part of SABB ongoing Saudization strategy”.
SABB had won many awards in appreciation of its efforts and continuous support of Saudization schemes, recruitment, attraction and training of Saudi cadres. Most prominent awards were Prince Naif Saudization Trophy, IPA Saudization Trophy for 3 consecutive years. SABB focused throughout the past years on the establishment of an effective long-term Saudization strategy.
21 April 2008
Highlights
SABB recorded a net profit of SAR757 million (US$202 million) for the three months ended 31 March 2008. This represents a 22.8 per cent increase compared with the first quarter of 2007 and a 7.4 per cent increase compared with the fourth quarter of 2007. SABB has achieved profit growth in each of the last five quarters.
John Coverdale, Managing Director of SABB, said: “SABB's first quarter 2008 results are very encouraging and continue to build upon the strong core business foundations that we have established. Robust deposit inflows during the quarter have been more than sufficient to support the quality loan growth and expansion of our investment portfolio. Our investment strategy continues to focus on Saudi Government bonds, Treasury bills and investment grade instruments which has largely protected our shareholders from the global problems surrounding Structured Investment Vehicles (SIVs) and sub-primeCollateralised Mortgage Obligations (CMOs).
“The SAR23.9 billion (US$6.4 billion) increase in loans and advances compared to 31 March 2007 reflects the underlying strength of the Saudi economy and increased project funding requirements from the corporate sector. This asset growth has contributed to a 20.1 per cent increase in net special commission compared to the same period in 2007. Excluding the higher contribution from the brokerage and mutual funds businesses, core banking non-funds income has grown by SAR105 million (US$28 million), or 63.2 per cent, compared to the first quarter of 2007.
“Cost growth of SAR35 million (US$9 million) or 10.9 per cent compared to the first quarter of 2007 is due to an increase in headcount of 379 or 13.6 per cent. The first quarter 2008 charge for bad debts is SAR25 million (US$7 million) lower than the same period last year due to lower consumer finance defaults and higher recoveries. The bank’s capital and liquidity positions remain strong.
“In conjunction with our joint venture investment bank, HSBC Saudi Arabia Limited, and our insurance associate, SABB Takaful, SABB is able to offer a comprehensive range of financial services within Saudi Arabia. This local ability is complemented by our close relationship with HSBC with whom we can deliver joined-up global financial solutions for our valued customers.
“We thank our customers for their continued support, and our staff for their commitment and contribution to the bank’s success.”
15 April 2008
SABB's credit card marketing campaign entitled "Million Riyals Cash Prizes", was a major success in all aspects. The bank held a ceremony to distribute the campaign prizes to winners of the campaign grand prizes, at SABB's head office, attended by Mr. Nabil Al-Hoshan, General Manager, Personal Financial Services at SABB, in addition to a representative from Riyadh Chamber of Commerce and Industry.
The prize winners are: Mr. Ammar A Sindy who won SAR 500,000, Mr. Ziad S. Sharafaddeen SAR 200,000, Mr. Ali Hussain Al-Yami, SAR 150,000, Mr. Ibrahim Al-Zahrani SAR 100,000, and Mr. Mohamed M Qussai SAR 50,000.
Mr. Al-Hoshan commented on the occasion, saying: "We are very pleased with the results of this campaign, which exceeded our expectations, and I would like to congratulate our winning customers, for these valuable prizes." He also added: "This success is attributed in the first place to the efforts exerted by all SABB employees, who worked hard to develop and manage this campaign, in addition to the outstanding quality of services offered to our valued customers, who deserve our sincere thanks."
12 April 2008
As part of "SABB in the Community" Programmes
SABB Participates in an Anti-drugs Awareness Campaign
SABB has participated in an anti-drug awareness campaign, named "A Family without Drugs", carried out by "The Security Forces Hospital" in Riyadh, in collaboration with the Anti-Narcotics General Administration.
Mr. Ibrahim S. Abo-Mouti, Head of Corporate Communications at SABB, said: "The bank has chosen to sponsor this event, to highlight our firm belief on its objectives, and to support the efforts exerted by the Anti-Narcotics General Administration, to halt the spread of this fatal poison, which poses a real threat to societies and communities all over the world." Mr. Abo-Mouti added: "We also aim to alert the public of the damaging consequences of drugs, and its health and social impact on the individual and society as a whole."
It is worth mentioning that SABB has paid great intention – during the last few years – to develop and nurture new community service programmes in addition to the ongoing and existing ones i.e. the annual programme to obtain an MBA degree from U.K., and the sponsorship of the Chair-in-Finance at KFUPM, in addition the banks continued efforts to support the various causes instigated by various charitable societies, for example 'The School Bag Programme, supervised by “Riyadh Orphans Charitable Society - INSAN”, in addition to the bank's annual "Blood Donation Campaign."
5 April 2008
SABB has participated in the "Earth Hour 2008", run by the World Wildlife Fund "WWF", the conservation organization. Earth Hour, is a global climate change initiative to combat global warming.
The campaign calls on individuals and establishments to turn off the non-essential lights for 1 hour - between 8 pm and 9 pm, , to deliver a powerful message about the need for action on global warming.
Mr. Ibrahim S. Abo-Mouti, Head of Corporate Communications at SABB, said: "The aim of the campaign is to express that individual action on a mass scale can help change our planet for the better. SABB's participation in this campaign comes as part of its "SABB in the Community Programme", and an attempt on our side to promote environmental awareness among individuals and their role towards preserving the environment, and also help in enhancing their roles as friends of the environment."
Mr. Abo-Mouti, added: "SABB is one of the first Saudi establishments and companies to participate in the "Earth Hour", and that SABB has called on its employees to join this international campaign, and help in sending a strong message to express the need to take efficient measures to combat global warming."
It is worth mentioning that more than 195,000 individuals and more than 11,000 businesses from all over the world participated this year.
30March 2008
The Annual General Meeting of The Saudi British Bank (SABB), held at its head office in Riyadh, approved the agenda of the meeting including approval of Directors report for the year ending 31 December 2007.
Approval was also given to pay the 2007 final dividends of SAR2.22 per share for the second half of the fiscal year 2007, beginning from Saturday 28 Rabi I, 1429 corresponding to 05 April 2008. Considering the dividend of SAR1.535 paid for the first half of the year, the total net dividend per share for the year ending on 31 December 2007 will amount to SAR3.755 per share.
Commenting on the event, Sheikh Abdullah Al-Hugail said “The year 2007 has seen a very good progress by HSBC Saudi Arabia Ltd., a 40% SABB owned investment company, which excellent activities and services were recognized by seven international awards during the year. The year has also witnessed the launch of SABB Takaful business which provides Islamic Sharia compliant insurance services. The establishment of the affiliate SABB Insurance Services Company Ltd., which will offer insurance brokerage and re-insurance services, has come a long way. SABB Securities Services Ltd. was also established as an affiliate to undertake securities brokerage services through SABB branches across the Kingdom. This company has so far made an impressive progress and improved its market share from the 6th to the 2nd rank”
He added “In spite of the hot competition in the market, the Corporate Banking maintained its leading position in the Islamic loans and finances having contributed to most major transactions in the year for the public and private sectors. This success is mainly attributable to the bank’s ability to offer innovative international solutions to the market. Demand on the personal banking services has also seen substantial growth, particularly the Islamic compliant services. The bank has also maintained its leading position in the community service and sponsored many social and charitable contributions during the year while maintaining its commitment to training and upgrade of the qualifications of Saudi nationals by adopting many training and educational schemes.”
The Annual general Meeting was attended by a large number of shareholders; this indicates an excellent interaction between the bank’s management and shareholders and is hoped to achieve further progress for the bank at all levels.
30 March 2008
SABB employees are currently participating in a "Blood Donation" campaign, organized by the bank, in collaboration with King Faisal Specialist Hospital and Research Centre. Priority to utilize the quantities of donated blood will be given to "Sanad Children's Cancer Support Society", and the campaign comes under "SABB in the Community Programmes".
Mr. Ibrahim S. Abo-Mouti, Head of Corporate Communications at SABB, said: "SABB is paying great attention to its responsibility towards the community, and the initiation of this blood donation campaign, comes as part of the programmes offered by SABB in this regard. The main purpose of the campaign is to expand our social responsibility programmes, in addition to promoting awareness of social services among the bank's employees, through their participation in various charitable and social events carried out by SABB."
Mr. Abo-Mouti, extended his thanks to the organizers from King Faisal Specialist Hospital, and to all SABB employees who participated actively in this campaign. He also pointed out the success of the campaign, which has witnessed large participation from SABB employees who contributed enthusiastically to this humanitarian cause.
It is worth mentioning that SABB - during the last five years - has paid special emphasis to develop and enhance its pioneering programme known as "SABB in the Community", and to introduce and launch new programmes, in addition to the existing and on-going ones set by the bank, i.e. the sponsorship of KFUPM Chair-in-Finance, and the bank's continued efforts to support charitable societies, i.e. "The School Bag Programme", supervised by "Riyadh Orphans Charitable Society - INSAN”.
16 March 2008
HSBC SA Ltd. Provides opportunities to invest in the global emerging markets
HSBC SA Ltd. began receiving subscription applications for its new investment Shariah-compliant Fund “HSBC Global Emerging Markets Fund” subsequent to the success of their other Funds previously launched.
HSBC Global Emerging Markets Equity Fund (GEM) aims to provide long-term capital growth by investing in a diversified portfolio of Shariah-compliant equities with an official listing on a major Stock Exchange or other Regulated Markets of emerging market countries, as well as in equities of companies listed on other Stock Exchanges and Regulated Markets which carry out a substantial part of their economic activities in an emerging market country. The Fund will pursue its objective through active management of a portfolio of Shariah-compliant equities.
The Fund’s investment universe will comprise more than 15 emerging market countries; typical emerging market countries include Brazil, Russia, China, Taiwan, South Korea, Mexico, India and South Africa with a possibility to invest in any geography falling within the scope of emerging markets depending on the emerging opportunities.
Subscription applications will be received during the initial launch period which extends to 05 March 2008 at a price of USD 10 per unit. Investment will be available to the Company’s customers and other non-company investors. The Fund is open-ended and subscription applications will be accepted after the initial launch period. The actual fund investment date will be 06 March 2008. The Fund units will be valued twice a week, and the date for reception of subscription and redemption applications will be before 12:00 PM on Monday in respect of the valuation day of the next Tuesday, and before 12:00 PM on Wednesday in respect of the next Thursday valuation.
01 March 2008
SABB and HSBC Bank Middle East (HBME) have signed an agreement, where SABB will operate a call centre in Riyadh for HBME, to handle calls from Arabic-speaking customers related to cards and various banking services across the Middle East.
The agreement was signed by Richard Groves, Executive Director and Chief Operating Officer, at SABB and Ken Matheson, Regional Chief Operating Officer, HSBC in Dubai, at a ceremony attended by SABB and HSBC senior managers.
The new SABB unit will be phased in during the second half of this year and by December will be handling around 3,000 calls a day covering a full range of credit cards and banking services, as well as dealing with marketing, new product campaigns and contact with prospective customers.
Richard Groves commented: “The project is highly significant for SABB. It demonstrates the confidence that HSBC Group has in SABB’s ability to deliver an essential service to a world class standard. This is an enormous compliment to SABB and its staff. The co-operation between SABB and HSBC is already at a high level and we strongly believe that our close relationship will continue to create frequent opportunities for strengthening our working partnership.”
“This strategic alliance with SABB is very much about being “Joined Up” and a true demonstration of what we can do together and how we can make our businesses more efficient through the use of technology.,” said Ken Matheson.
SABB’s current call centre operations have won global recognition as being among the world’s best. At the "2007 World Call Centres Awards", SABB won the silver medal for best call centre in Europe, the Middle East and Africa, and the silver medal for "Best Call Centre" among medium sized operations, in addition to "Best Outbound Campaign".
27 February 2008
SABB has appointed Saeed Al-Khuraimi, one of Saudi Arabia’s best known financial services professionals, as General Manager, SABB Amanah Islamic Services where he will head up the Bank's comprehensive Islamic financial services activities.
Mr. Al-Khuraimi comes to SABB with more than 25 years’ experience in financial services in the Kingdom, where he has held many senior positions in the local financial sector. He had also worked for SABB from 1982 to 1995, in several roles, last of which was Manager Private Banking, WPM.
Commenting on his appointment, Mr. Al-Khuraimi said: “SABB is one of the most prominent financial institutions in the Kingdom. My task is to further develop the Bank’s Shariah-compliant business, grow the portfolio of Islamic financial services offered by ‘SABB Amanah’, and help the Bank substantially in achieving its strategic goals.”
Mr. Adel Marzook Al-Nasser, Deputy Managing Director at SABB, said: “Our aim is to ensure we have the strongest possible team of Saudi nationals running our core businesses. In Saeed, we have secured one of the Kingdom’s outstanding financial services experts with an extraordinary track record. We are delighted to welcome him.”
12 February 2008
SABB has recently participated in the 19th training course held by SAMA to their honor the judges of The Ministry of Justice and The Bureau of Grievances, on money laundering, terrorism funding, and financial crimes.
SABB participation in this course highlights its commitment to the community and its extensive efforts to fight money-laundering crimes, which adversely affect national and global economies.
Mr. Mohammed Bin Ibrahim Al-Obaid, Senior Manager, Compliance Department at SABB represented the bank in this event, where a comprehensive presentation on money laundering in the Kingdom was given to the judges to provide them with specialized knowledge on money laundering and terrorism financing activities as well as on combating financial crimes. The judges were given the latest and essential information, directives and practices to promote their skills and abilities in this field on national and international levels.
Their honor the judges were familiarized with the procedures, controls and systems adopted by commercial banks to disclose and reveal money laundering operations, gained from illegal sources, and the methods adopted by money launderers to carry out such operations.
SABB participation included counseling their honor the judges on the responsibilities and duties of commercial banks and staff as provided for in the Anti-money Laundering Act, dated 25-6-1424-H, and the general rules formulated by SAMA - in 2003 - to combat money laundering and terrorism financing.
January 25, 2008
Richard Groves has been appointed Executive Director and Chief Operating Officer of SABB (The Saudi British Bank). He also takes over as Chairman of SABB Securities Limited.
Mr Groves has been with the HSBC Group, which includes SABB as an associate member, since April 1981. Immediately before moving to SABB he was Chief Executive Officer of HSBC Bank Middle East Limited, Sultanate of Oman, from June 2004.
Previously, Mr Groves was Regional Head Northern India for HSBC India after working in Malaysia, Hong Kong, the Philippines, Australia, Indonesia, and the United Kingdom in various roles.
Said Mr Groves. “In the intensifying competitive environment in Saudi Arabia, SABB must maintain and expand its reputation as one of the Kingdom’s top financial institutions. I very much look forward to taking up that challenge in my new post.”
John Coverdale, Managing Director of SABB, commented: “Richard has exactly the kind of experience that will help us to further leverage our relationship with HSBC, ensuring that our branch network, communications, systems and support services are operating at the highest level delivered by the Group worldwide. This is essential to enable us to continue to offer to our customers a full range of products and services that meet their increasingly sophisticated needs.
“We welcome Richard's arrival as a key member of SABB’s top management team.”
19 January 2008
Highlights
Commentary
SABB recorded a net profit of SAR2,607 million (US$695 million) for the year ended 31 December 2007. This represents a 14.2 per cent decline compared with 2006. However, net profit for the three months ended 31 December 2007 increased by 20.5 per cent compared with the same period in 2006.
John Coverdale, Managing Director of SABB, said: “SABB has had a strong final three months of 2007 and has now delivered profit growth in the last four successive quarters. This robust performance reflects the strength of our core business model, the exceptional quality of our balance sheet and the close relationships that we maintain with our clients. Our strategy ensures that SABB is not excessively exposed to fluctuating economic cycles and maintains the flexibility to respond to evolving customer needs while sustaining superior returns to our shareholders.
“The SAR19.5 billion (US$5.2 billion) increase in loans and advances compared to 31 December 2006 is particularly encouraging and reflects the continuing strength of the corporate market together with good retail product growth. This loan growth has been supported by a SAR12.5 billion (US$3.3 billion) increase in customer deposits and the utilisation of SAR6.8 billion (US$1.8 billion) of funds from maturing investments generating an additional SAR475 million (US$127 million) of special commission income compared to 2006. Excluding the lower contribution from the brokerage and mutual funds businesses, core banking non-funds income has grown by SAR180 million (US$48 million), or 22.0 per cent, compared to 2006.
“Cost growth has been restricted to 1.8 per cent over the prior year which experienced accelerated investment in rebranding, recruitment and systems enhancements. Bad debt levels are in line with asset growth and increased card and consumer finance market penetration. General credit quality is sound, especially within the corporate sector which continues to benefit from the strong underlying Saudi economy. The bank’s capital and liquidity positions remain strong.
“SABB has made significant progress during 2007 towards its goal of becoming a comprehensive provider of financial services within Saudi Arabia. Products developed by our insurance company, SABB Takaful, which began trading on 1 July 2007, have been very well received by our clients and successfully complement our traditional bank offerings. Our joint venture investment bank, HSBC Saudi Arabia Limited, is also an important contributor to SABB’s results and demonstrates the mutual benefits obtained by joining up with HSBC and gaining access to its global expertise in providing complete financial solutions for our customers.
“We thank our customers for their continued support, and our staff for their commitment and contribution to the bank’s success.”
15 January 2008
The Saudi British Bank has been recognized as the Best Private Bank in Saudi Arabia in the Euromoney Private Banking and Wealth Management Survey 2008 which is regarded as the benchmark for the wealth management sector.
Commenting on the survey results, Adel Marzook Al-Nasser, Deputy Managing Director of SABB said: "This is the reward for the distinguished efforts and excellent performance by SABB’s highly skilled private banking and support teams backed by the global expertise of HSBC. Together, they have enabled us to develop and provide distinctive and innovative products and services, which the survey appears to show are meeting our customer’s demands and expectations. We are particularly proud of this accolade since the Euromoney awards are considered the most prestigious and important reference for global financial services”.
Saudi Arabia is one of the fastest growing wealth management markets in the world. The value of assets under management by the wealth management arms of the Kingdom’s banks has been growing at an average of 135% over the past 3 years. The survey results – which began last September - reflect increasing competition in the Saudi banking sector, and the private banking segment of the market will see some of the fiercest competition over the coming years with both local and international banks playing a prominent role.
14 January 2008
SABB and Dnata Saudi Travel Agency have entered into a strategic alliance to offer exclusive privileges and special offers to SABB customers.
As part of this initiative, SABB Premier, Al-Imtiaz, and credit card customers will have access to express service counters at all Dnata Travel offices across the Kingdom. Dnata Travel will also offer a dedicated 24 hours call centre service for SABB customers, who will enjoy tailor made, exclusive travel services with priority handling.
Nabil Al-Hoshan, SABB's General Manager Personal Financial Services, commented: “The customer always comes first at SABB and we believe strongly that our responsibilities towards them go beyond providing them with first class banking services.
“Travel for business or pleasure is an important part of many customers’ lives and our alliance with Dnata Travel aims make the whole travel experience easier, faster and more convenient for them.
“As one of Saudi Arabia’s top travel agencies, Dnata Travel is uniquely positioned with its wealth of experience and expertise to provide the same standard of customer care and service that our customers expect from SABB. We are pleased to welcome Dnata Travel as our partners in this initiative.”
Mohammed Mosaid, General Manager Dnata Saudi Travel Agency, added: “Like SABB, Dnata Travel’s growth and reputation has been built on delivering world class service to our customers. We are delighted to be allied with an organization which shares and mirrors our vision.”
5 January 2008
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