Under "SABB in the Community Programmes" The Saudi British Bank in collaboration with the University of Al-Yamamah "YU", established "SABB Investment Research Centre at YU". This initiative comes within the framework of activities carried out by the Bank to advance education in the Kingdom.
The Center has been inaugurated last Tuesday, in a ceremony that took place in the presence of senior officials from both parties, as well as a number of students from the College of Business Administration at "YU".
"SABB Investment Research Centre",aims at helping students and faculty members from "YU", especially students and professors in the College of Business Administration, to conduct research and carry out various projects through direct contact with local and international money markets. SABB Investment Research Centre also allows students to apply the knowledge they acquired in lecture halls, to correspond with the real business environment.
The Centre has been furnished with state of the art equipment; to take full advantage of technology, and achieve the desired goals of training students to compete in the labor and investment markets.
It is worth mentioning that SABB is one of the major banks in the Kingdom, to contribute to society. Education is one of the areas that the Bank focuses on, on the grounds that the success of education is the basis for development, growth and prosperity. These activities include providing grants for postgraduate studies to Saudi graduates, as well as training programs to prepare them for work in the field of banking, in addition to other training programs organized in collaboration with other universities and educational institutions in the Kingdom.
30 Jan 2010
SABB’s new Western Province Management building has been officially opened at an inauguration ceremony in Jeddah, hosted by SABB Chairman, Sheikh Khaled Suliman Olayan, and attended by several members of the board, distinguished guests and senior management.
Sheikh Khaled Suliman Olayan commented on the progress witnessed in the Western Region thanks to the efforts of HRH Prince Khalid Al Faisal, Governor of Makkah Al Mukaramah Region, and HRH Prince Mishaal Bin Majed Bin Abdulaziz, Governor of Jeddah, under the directives of the Custodian of the Two Holy Mosques and HRH the Crown Prince and HRH the Second Deputy Premier. He further commented that the move to the new building demonstrated the Bank’s confidence in the continuing expansion of its business.
“2009 was a challenging year for the financial services industry. However, SABB is strongly positioned to take advantage of opportunities which the expanding Saudi economy will enjoy in 2010” Sheikh Khaled said.
“Indeed, year on year, our business improved in 2009, with operating income increasing encouragingly over the previous year".
“I am confident that our actions last year will be reflected in the continuing development of our business in 2010, whilst maintaining our prudent approach to conducting our business and enhancing the delivery of our services to our valued customers.”
SABB’s new Western Province Management building on King Abdulaziz Road, Jeddah, houses the offices of the area General Manager, regional corporate, personal finance and human resources departments, and includes our latest branch in Jeddah, incorporating a world class Premier center.
The new building is part of the Bank’s on-going plans to provide the latest in bank facilities with highest quality service to its customers while providing our staff with the best work environment, he added. Sheikh Khaled wished Alaa Al Jabri, Area General Manager, and all his staff the very best for the future success of the Bank in the region.
23 January 2010
SABB’s new Western Province Management building has been officially opened at an inauguration ceremony in Jeddah, hosted by SABB Chairman, Sheikh Khaled Suliman Olayan, and attended by several members of the board, distinguished guests and senior management.
Sheikh Khaled Suliman Olayan commented on the progress witnessed in the Western Region thanks to the efforts of HRH Prince Khalid Al Faisal, Governor of Makkah Al Mukaramah Region, and HRH Prince Mishaal Bin Majed Bin Abdulaziz, Governor of Jeddah, under the directives of the Custodian of the Two Holy Mosques and HRH the Crown Prince and HRH the Second Deputy Premier. He further commented that the move to the new building demonstrated the Bank’s confidence in the continuing expansion of its business.
“2009 was a challenging year for the financial services industry. However, SABB is strongly positioned to take advantage of opportunities which the expanding Saudi economy will enjoy in 2010” Sheikh Khaled said.
“Indeed, year on year, our business improved in 2009, with operating income increasing encouragingly over the previous year".
“I am confident that our actions last year will be reflected in the continuing development of our business in 2010, whilst maintaining our prudent approach to conducting our business and enhancing the delivery of our services to our valued customers.”
SABB’s new Western Province Management building on King Abdulaziz Road, Jeddah, houses the offices of the area General Manager, regional corporate, personal finance and human resources departments, and includes our latest branch in Jeddah, incorporating a world class Premier center.
The new building is part of the Bank’s on-going plans to provide the latest in bank facilities with highest quality service to its customers while providing our staff with the best work environment, he added. Sheikh Khaled wished Alaa Al Jabri, Area General Manager, and all his staff the very best for the future success of the Bank in the region.
16 January 2010
The Saudi British Bank (SABB) recorded a net profit of SAR2,032 million for the year ended 31 December 2009 – down SAR888 million, or 30.4 per cent, compared with SAR2,920 million for the same period in 2008.
Net special commission income increased by SAR230 million, or 7.2 per cent, compared with the same period in 2008, reflecting higher average asset balances and improved margins.
Earnings per share of SAR2.71 for the year ended 31 December 2009 – down 30.4 per cent from SAR3.89 for the same period in 2008. Earnings per share for the year ended 31 December 2008 have been adjusted to reflect a 1:4 bonus issue approved at an Extraordinary General Meeting held on 10 March 2009 and reflected in the share register as at close of business on the same day.
Net profit of SAR26 million for the three months ended 31 December 2009 – down SAR631 million compared with SAR657 million for the same period in 2008 and down SAR544 million compared with SAR570 million for the three months ended 30 September 2009.
Operating income of SAR5,160 million for the year ended 31 December 2009 – up SAR248 million, or 5.0 per cent, compared with SAR4,912 million for the same period in 2008.
Customer deposits of SAR89.2 billion at 31 December 2009 – down SAR3.5 billion, or 3.8 per cent, compared with SAR92.7 billion at 31 December 2008.
Loans and advances to customers of SAR76.4 billion at 31 December 2009 – down SAR3.8 billion, or 4.7 per cent, from SAR80.2 billion at 31 December 2008.
The bank’s investment portfolio totalled SAR23.8 billion at 31 December 2009 compared with SAR29.6 billion at 31 December 2008.
Total assets of SAR 126.8 billion at 31 December 2009 – down SAR4.9 billion, or 3.7 per cent, from 31 December 2008.
Commenting on the results, Richard Groves, Managing Director of SABB, said: “SABB’s continued strong operating income and control over costs have enabled the bank to report encouraging profits for the year ended 31 December 2009, however the decreased net profits compared to the net profits of last year are mainly due to the increase in the provisions in line with SABB's continued conservative policy to enhance its financial position".
“We thank our customers for their continued support and our staff for their commitment and contribution to the bank’s success".
13 January 2010
SABB employees are currently participating in a blood donation campaign for the soldiers stationed at the southern borders of the Kingdom. The employees carried out this initiation in recognition of their national duty and in appreciation of the efforts and sacrifices of those soldiers.
The Campaign, which is organized by the Bank at its Head office in Riyadh in collaboration with King Fahd Armed Forces Hospital, was launched last Saturday and will continue up to the end of this week and has witnessed large participation from SABB employees.
Mr. Ibrahim Abo-Mouti.Head of Corporate Communications at SABB, said:” The Campaign comes under the umbrella of the bank’s social responsibility towards the community and inline with the national duty which necessitate active participation in such events to reflect commitment and loyalty between the members of the society. The campaign purposes also include promotion of the spirit of national and social work among the bank’s employees who wish to express their feelings towards the army members for their efforts in confronting the aggressors. Abo-Mouti extended his thanks and appreciation to the contributors and organizers of the campaign on top of whom King Fahad Armed Forces Hospital and SABB employees who participated in the campaign.”
It is worth mentioning that SABB is one of the major leaders of social services in the Kingdom and over several years has paid especial emphasis to develop and enhance its pioneering programs known as “SABB in the Community”. The bank had introduced and encouraged activities supervised by charitable and humanitarian societies in order to achieve their goals and its role is apparent in the activation of social responsibility for companies and individuals. In executing these activities, SABB focuses on three main elements specifically education and development, social programs and environment programs.
10 January 2010
SABB has been awarded the Kingdom’s most sought-after banking industry title – The Bank of the Year, Saudi Arabia, 2009.
The award was recently presented to SABB’s Managing Director, Richard Groves, at a ceremony in London by Stephen Timewell, Editor of The Banker, the highly prestigious international publication which selected SABB for the accolade for delivering the best overall performance of any bank in Saudi Arabia during the past year.
SABB's notable achievements included developing the Bank’s increasingly important Islamic finance business. This included the introduction of innovative Islamic overdraft and margin trading products, and creating and investing in a group of associate companies covering investment banking, insurance and securities services. SABB, together with these associates, now offers a full range of financial services to its local and international customers, in addition to leveraging the global relationship with HSBC which has led, for example, to a further marked increase in 2009 in dealings with Chinese and other Far Eastern companies with interests in Saudi Arabia
SABB managing director Richard Groves says: “SABB continues to invest in innovation, network expansion and technology, all aimed at improving service for our customers. It is a great honour to be the recipient of the Bank of the Year Award 2009 and in an increasingly competitive market we are delighted with this recognition of SABB’s progress towards being the bank of choice in Saudi Arabia.”
19 December 2009
SABB has signed a Memorandum of Understanding and a Social Partnership agreement with the Ministry of Social Affairs to support Productive Families Projects and Employment and Training Programmes, as part of the joint cooperation between the Ministry and the Bank to help families dependent on Social Security.
The Memorandum was signed by Mr. Khaled Suliman Al Olayan SABB Chairman, and H.E. Dr. Yousef Bin Ahmed Al Othaimein, Minister of Social Affairs.
Under the Memorandum, the Bank will support 18 families in Mahayil Asir during 2010. The Bank will donate SAR.504,000 towards the purchase of "Sesame Seed Mills". The mills will be passed to families selected by the Ministry (represented in the Social Security Agency) who will use them to grind sesame seeds to produce oil.
Mr. Khaled Suliman Al-Olayan, commented: “The Ministry of Social Affairs deserves full recognition for its role in creating an extraordinary humanitarian initiative targeted specifically at genuinely needy families, helping to raise their living standards by becoming fully productive members of society.”
Mr. Al-Olayan added that the private commercial sector should not forget its own social responsibilities towards building a true community in the Kingdom and contributing to the development of society through charitable and humanitarian activities.
“SABB decided to support the Productive Families Project, since we share the Ministry’s vision of motivating the poorest members of society, providing them with the means to become productive, and giving their lives new potential, thus helping give fresh momentum to the national economy.”
24 November 200
SABB – The Saudi British Bank – has been acclaimed as Saudi Arabia’s strongest bank in 2009, by the highly influential publication, The Asian Banker. In addition, in a detailed report on the 92 leading banks in the Middle East, the magazine places SABB as the seventh strongest bank in the whole region.
The Asian Banker’s assessment calculates business strength on the basis of a range of key indicators including balance sheet growth, risk profile, profitability and asset quality and, as a response to the financial crisis, liquidity.
SABB’s position among the Kingdom’s top four banks by assets was only one factor in the researchers’ assessment. The report emphasises that size alone is rarely equivalent to strength; large banks can earn some points for their size, but they also need to score high in the other indicators as well to show up high on the strength chart.
Christian Kapfer, Associate Director of Asian Banker Research, said: “With this ranking, we are the first to provide banks in the Arab Middle East with a view of their strengths relative to other banks in the region. And as commerce between the Middle East and the rest of the world grows, the information in this report can open the door for banks around the world to learn more about their counterparts in the exciting Middle East region”.
Richard Groves, Managing Director of SABB, commented: “This accolade is a tribute to SABB’s strategic approach to assessing risk in its lending and investments, to its accurate targeting of its business expansion activities and to the commitment of the Bank’s front line and support staff to our customers by more closely meeting their needs through increasingly high quality processing and delivery of services.
“We are proud that the underlying strength of SABB compared with that of all other Saudi banks and almost every other major bank in the Middle East has been recognised so clearly in The Asian Banker’s report.”
23 November 2009
The Marketing Campaign "Live as a Millionaire with ICSABB" organized recently by SABB, was a real success. A draw on prizes has been carried out at SABB's Head Office, where the event was attended by Mr. Nabil Al-Hoshan, General Manager Personal Financial Services at SABB, in addition to a representative from the Saudi Commercial and Industrial Chamber of Commerce in Riyadh.
The prize winners were: Mrs. Nouf Khalid Al-Abdulgadir, Mrs. Radda Egab Al-Garhi, Mr. Ahmed Suleiman Al-Dossary, Mr. Saud Mohammed Akhmimi Mr. Akro Al-Hassan Akhtar, where each of them won the prize of One Million ICSABB points equals SAR Hundred Thousand which was deposited to the credit card account of each winner.
Commenting on the event, Mr. Al-Hoshan said: "ICSABB Millionaire Campaign, which is running for the third year in a row, has become an annual program, through which we reward our customers for their confidence and selection of SABB credit cards. This comes as a result of our success in the area of credit cards, which is also an outcome of efforts exerted by everyone in SABB to promote and manage this marketing campaign, in addition to the excellent quality of services provided to our clients, who deserve our sincere thanks.
He also added: "We in SABB are committed to provide the best services to SABB credit cards customers, in addition to promotional campaigns that we organize on a regular basis, and ICSABB Millionaire Program, we recently offered additional discounts and special offers in main shopping centers in the Kingdom including restaurants, fashion stores, airline companies…etc, where the customer enjoys discounts that amounts to 35% in the participating commercial centers."
13 November 2009
Before an international audience of finance ministers, central bank governors, officials of multilateral development institutions and other VIPS, SABB has been presented with the Global Finance award for Best Trade Finance Provider in Saudi Arabia.
The award, made in recognition of SABB’s achievements in supporting the international and domestic trade finance needs of Saudi companies, was received by Mr. Adel M Al Nasser, Deputy Managing Director and Mr. Arup Roy, Head of Global Transaction Banking from Mr Joseph D Giarraputo, Publisher & Editorial Director, Global Finance.
The ceremony took place on the sidelines of the 2009 World Bank Group/IMF Annual Meetings in Istanbul, one of the most significant annual events in the global financial calendar.
Speaking after the ceremony, Mr. Al Nasser said: “SABB is extremely proud of winning the award and receiving it at such an important gathering. It is a reflection of what our customers have been telling us in our surveys; the high value they place on the superiority of our products and our service standards. We shall continue to provide leadership in the Saudi market in terms of innovative service propositions to meet the growing needs of our customers".
3 November 2009
SABB has been voted Best Cash Management Bank in Saudi Arabia for the second year in succession .
In a poll of thousands of cash managers, treasurers and financial officers worldwide carried out by Euromoney Magazine, the financial experts were asked to rate the country’s cash management service providers and, in a repeat of last year’s results, SABB topped their rankings.
Adel M Al-Nasser, Deputy Managing Director of 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 mamagement solutions through specialist staff, backed by state of the art systems and the international experience of our associate, HSBC. By providing tailored solutions to meet each customer’s specific needs, we can make a real difference to the profitability of their businesses.
“We are proud and delighted that we have come on top of Euromoney’s poll for the second year in a row. The results demonstrate that SABB’s reputation and track record as a provider of truly effective cash management solutions continues at the highest level.
“We recognize, however, that we cannot become complacent and that we need to continually look at ways of improving our service still further.”
SABB delivers a wide range of market leading liquidity and cash management solutions for businesses in Saudi Arabia to enhance working capital and meet the evolving needs of its customers. These include Trade Services and Supply Chain, Payments and Cash Management and Securities Services.
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.
The strong response to the annual poll has been commended by Euromoney Magazine’s Managing Director, Simon Brady: "It shows that corporate treasuries are increasingly aware of the efficiency gains that can be made through streamlined cash management. The strong response from the Middle East further goes to underline the increasing sophistication and globalised nature of business in the region".
1 November 2009
The Saudi British Bank (SABB) recorded a net profit of SAR2,006 million for the nine months ended 30 September 2009 – down SAR257 million, or 11.4 per cent, compared with SAR2,263 million for the same period in 2008.
Net special commission income increased by SAR201 million, or 8.3 per cent, compared with the same period in 2008 reflecting higher average asset balances and improved margins. Total other operating income grew by SAR73.5 million, or 5.8 per cent, with higher foreign exchange and trade-related income compensating for lower levels of share brokerage and mutual fund fees.
Cost growth has been contained to SAR27.3 million, or 2.3 per cent, compared with the first nine months of 2008. This equates to a cost:income ratio of 30.6 per cent for the first nine months of 2009 compared with 32.2 per cent for the same period in 2008. Provision for possible credit losses increased by SAR505 million compared with the same period in 2008 reflecting SABB’s conservative credit policy in the current economic environment. Income from associates fell by SAR59 million, or 64.8 per cent, reflecting the challenging market conditions experienced in 2009 compared with the same period in 2008.
Earnings per share of SAR2.68 for the nine months ended 30 September 2009 – down 11.3 per cent from SAR3.02 for the same period in 2008. Earnings per share for the nine months ended 30 September 2008 have been adjusted to reflect a 1:4 bonus issue approved at an Extraordinary General Meeting held on 10 March 2009 and reflected in the share register as at close of business on the same day.
Net profit of SAR570 million for the three months ended 30 September 2009 – down SAR141 million, or 19.8 per cent, compared with SAR711 million for the same period in 2008 and down SAR106 million, or 15.7 per cent, compared with SAR676 million for the three months ended 30 June 2009.
Operating income of SAR3,974 million for the nine months ended 30 September 2009 – up SAR275 million, or 7.4 per cent, as compared with SAR3,699 million for the same period in 2008.
Customer deposits of SAR89.2 billion at 30 September 2009 – down SAR6.5 billion, or 6.8 per cent, as compared with SAR95.7 billion at 30 September 2008.
Loans and advances to customers of SAR78.8 billion at 30 September 2009 – down SAR4.8, or 5.7 per cent, from SAR83.6 billion at 30 September 2008.
The bank’s investment portfolio totalled SAR24.1 billion at 30 September 2009, as compared with SAR36.0 billion at 30 September 2008.
Total assets of SAR123.9 billion at 30 September 2009 – down SAR8.7 billion, or 6.6 per cent, from 30 September 2008.
Richard Groves, Managing Director of SABB, said: “SABB’s strong operating income streams and cost containment have allowed the bank to report encouraging profits for the nine months ended 30 September 2009. This is despite a SAR505 million increase in provisions for possible credit losses compared with the same period in 2008 in accordance with our conservative credit policy.
“SABB’s capital and liquidity ratios both remain strong as does the overall quality of our loan book.
“We thank our customers for their continued support and our staff for their commitment and contribution to the bank’s success.”
13 October 2009
Just as they prepare for the start of the new school year, orphans under the care of the charity ENSAN have received school bags from SABB.
As part of the “SABB in the Community” programme, Mr. Robin Jones, Executive Director & Chief Operating Officer of the bank, together with a group of SABB staff, distributed the school bags during a visit to ENSAN.
After a briefing on the work and achievements of ENSAN from Mr. Saleh Al Yousef, General Manager of the charity, Mr Jones and the SABB employees joined in games with the children.
Mr. Robin Jones expressed his appreciation of the role of “ENSAN”, its impressive activities and humanitarian mission, and wished them every success.
Mr Saleh Al Yousef added: “ENSAN is immensely grateful to SABB for its continuing contributions to our programmes and activities in addition to the morale-boosting support the bank gives to the orphans and our staff.”
9 October 2009
SABB has recently appointed Mr. Saleh Bin Ibrahim Al Motawa as SABB Treasurer with effect from 01/10/2009 in place of Walid Khory who has moved to HSBC Saudi Arabia as Chief Executive Officer.
The appointment of Mr. Al Motawa, as Treasurer of SABB is a result of his capabilities, educational qualifications, vast practical experience acquired in the field of treasury management and gradual promotion in the job grades during his service with the Bank for a period exceeding 18 years. Accordingly SABB affirmatively continues its progress of implementing Saudization strategy and its serious efforts towards preparing; qualifying and developing Saudi cadres to assume leading positions in all banking fields and create real opportunities to enable them build a promising future and contribute in creating distinguished national cadre.
Al Motawa expressed his thanks and gratitude to the management of the Bank for the confidence placed in him to take the responsibility of management of the treasury of one of the most prominent banking institutions in the Kingdom.
5 Oct. 2009
The Saudi British Bank “SABB” has launched a new service for payment of Ministry of Interior charges via SADAD Payment System. This service enables customers to pay governmental fees charged for the services offered by the Ministry of Interior, such as Passport charges, Civil Status and Traffic charges. The service also allows for the automated retrieval of charges through electronic channels such as SABB Net and SABB Direct.
Mr. Nabil Al-Hoshan, General Manager Personal Financial Services said: “It is always our aim to introduce products which support our leading role in the field of banking services, and to provide flexibility to our customers in their banking business using latest technology. The Ministry of Interior Payment Service is a step forward in the bank’s policy to provide highest personal banking services to meet the requirements and needs of our customers”.
The Ministry of Interior Payment service is linked to SADAD Payment system, a SAMA centralized electronic payment system which is designed to facilitate and speed up the process of settlement of bills and other services through all banking channels in the Kingdom (Bank branches, ATMs, Telephone Banking and Internet Banking).
13 September 2009
More than half of urban Saudis, aged between 30 and 70, want to see the introduction of either compulsory or voluntary retirement savings schemes to supplement the current state pension provision, according to a new global HSBC survey, “The Future of Retirement”.
Among Saudi respondents to the survey, the most popular way to help people fund their retirement is the compulsory approach. Over 30% favoured compulsory savings through, for example, employee pension schemes, a much higher proportion than in many of the other 14 countries and regions covered by the survey and almost twice the overall average.
A further 23% supported enhancing the state pension through voluntary savings schemes. Only 10% believe the state alone should remain responsible for providing for retirement.
According to the survey, Saudis today believe saving for their children is more important than saving for their own retirement – 32% as against 12%. Only 16%, however, currently feel ‘very well’ prepared for retirement while 45% feel either ‘fairly’ or ‘very’ unprepared.
Survey respondents admitted that understanding of their finances – especially their long-term finances – is often lacking with more than half (54%) never having accessed any general financial education while three out of every four (75%) have never asked for any form of professional advice.
Husam Malaikah, Head of Commercial Development at SABB Takaful said: “It is clear that people here are attempting to become better informed about their finances. The financial services industry has strategies in place to raise the standards of financial education long term, but attention needs to be paid to advising people in the short – and medium-term.”
The survey report concludes, however, that Saudi Arabia, where the current average age is currently around 20 years, is better placed than many countries when it comes to preparing for the effects of long term demographic change. In the world’s industrialised economies, governments and individuals are already facing questions about how to fund the retirement of increasingly aging populations.
8 September 2009
Saudi Arabia's small business sector is among the most optimistic of 12 key emerging markets studied in a new HSBC survey, "Emerging Markets Small Business Confidence Monitor".
Small business sentiment across the Kingdom is largely positive in their 12 month outlook toward three key areas:
The survey shows that 39% of Saudi businesses with a turnover of less than $30 million (SAR 112.5 million) expect to increase capital expenditure while only 19% believe investment in their companies will slow down.
The Kingdom's entrepreneurs are even more optimistic about trade outlook. About 57% believe trade with the rest of the Middle East will expand by up to a fifth or more. 80% predict increased business with mainland China, with more than half of these anticipating growth of more than 20%. Two thirds of respondents are forecasting a rise in trade with the rest of Asia. And optimists outweigh pessimists about trade prospects with the US, Europe, Latin America and the rest of the world.
Regarding recruitment, owners and top management of KSA's small businesses have the most ambitious plans of any of the 12 emerging markets surveyed with 40% expecting to need to increase their workforces and with one in eight seeking to grow their staff by more than 20%.
"Overall, the leaders of Saudi Arabia's smaller business sector – the vital fuel of every country's economy – are more positive about the short term outlook than their counterparts in almost all other emerging markets surveyed." Said, Adel Al-Nasser, Deputy Managing Director, of SABB.
"We understand that smaller businesses have significant individual ambition. Collectively, theses businesses form a substantive part of any economy. To reflect their stature, we have reorganized and enhanced our specialist services to this segment in recognition of the fact that they will be our largest customers of tomorrow. We share the confidence that the sector has in itself and in the economy of Saudi Arabia."
6 September 2009
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 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 preparations for 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 organizations. 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.
Ibrahim 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, SABB aims to support the educational activities, and to participate in raising-up and preparing this dear group of kids in our 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.
SABB is considered one of the prominent community service pioneers in the Kingdom. The Bank, for many years, has given attention to the continuous development of its programs offered under the umbrella of "SABB in the Community Programs". As a result, the Bank has innovated new programs aiming at contributing to the development of the community. In addition to encouraging and supporting the activities undertaken and carried out by the charitable societies. SABB attention is manifested by effecting corporate and individuals social responsibility. In performing these activities SABB concentrate on three main pillars namely: educational, development, social and environmental awareness programmes
5 Sep 2009
For the second successive year SABB continues donation to assist the orphans perform Umrah during the holy month of Ramadan by covering the expenses of 300 male and female orphans to perform Umrah during this holy month through its participation in the "Umrah Program" organized by Riyadh Orphan Care Charitable Society "Ensan".
Commenting on this occasion Mr. Ibrahim Abo-Mouti, Head of Corporate Communications at SABB said "SABB support to this charitable project comes within the framework of its community support programs and in line with its social responsibility as well as its keenness in providing support to this section of the community in all circumstances and occasions in an attempt to remove barriers and difficulties that may face them to make their dreams a reality by performing Umrah during the month of fasting".
Abo-Mouti, further indicated that "the holy month of Ramadan represents a valuable opportunity to double charitable deeds and strengthen relations with the community members. He also praised and commended the Orphan Care Charitable Society "Ensan" efforts to make such project a success.
SABB is one of the most important community service pioneers in the Kingdom. The Bank since many years has given attention towards the continuous development of its programs offered under the umbrella of "SABB in the Community Programs". As a result, the Bank has innovated new programs aiming at contributing to the development of the community. In addition to encouraging and supporting the activities undertaken and carried out by the charitable societies.
SABB attention is manifested by effecting corporate and individuals social responsibility. In performing these activities SABB concentrate on three main pillars namely: educational, development, social and environmental awareness programmes.
29 Aug 2009
SABB – The Saudi British Bank – has received further prestigious accolades for the performance of its internet banking service.
In its “World’s Best Internet Banks 2009” awards, the highly regarded Global Finance magazine selected SABB as the Best Consumer Internet Bank in Saudi Arabia and – for the fourth year in succession – and the Best Online Consumer Credit Site in the Middle East & Africa.
Winning banks were chosen on the basis of a number of criteria including marketing and customer service strategies, growth of the online customer base and the use of online services, their range of product offerings and the quality of their websites.
Users of SABB’s online services can manage a wide range of investment and personal banking needs, including Amanah Commodity Investment Accounts, investment in mutual funds and IPOs, Islamic finance and credit card services as well as a number of other general banking services.
In the past year, several new services have been introduced including, online account registration and pin reset function, credit card e-statements, secure saved transfers and electronic bill payments. In addition, the SABB Direct Banking website is under permanent review to make it more user friendly.
Eng. Saad Al-Khalb, Head of SABB’s Direct Banking, commented: “Online banking is constantly developing and we at SABB work hard to stay ahead of the competition in terms of product range, service quality and customer care. The Global Finance awards are recognition of what we have achieved and we are proud of the staff who have created standards that are consistently maintaining our leadership in internet banking in Saudi Arabia.”
15 August 2009
Within the charitable activities of the Bank under the umbrella of "SABB in community program" SABB offered support to the Blind Charitable Society through the implementation of some projects and humanitarian programs for serving this valuable category of the community.
At the forefront of these programs, the Bank has equipped the teachers of computer with a number of systems supported with software dedicated for the blinds. The Bank also undertakes to qualify a group of visually impaired (male and female)by supporting the training courses in computer which the Society offers to them in addition to supporting the courses for educating of Braille method.
Mr. Ibrahim Abo Mouti, Head of Corporate Communication at SABB said "SABB's support for the Blind Charitable Society comes in line with Bank's belief of the noble goals which the society endeavor to achieve and in appreciation of its role played for the benefit of the blinds . Also the great services provided by the Society for the purpose of overcoming the difficulties and obstacles facing this section of the community to achieve their aspirations and dreams and enabling them to rely on themselves. This will raise the level of their vocational skills and open doors for them to obtain more knowledge through different sources to contribute in building of this community .
It is worth mentioning that SABB is considered one of the important community service pioneers in the Kingdom . The Bank since many years has been paying attention towards the continuous development of its programs offered under the umbrella of "SABB in the Community Programs". As the result the Bank has innovated new programs aiming at contributing to the development of the community. In addition to encouraging and supporting the activities undertaken by the charitable societies . SABB attention is manifested by effecting corporate and individuals social responsibility In performing these activities SABB concentrate on three main pillars namely educational and development programs , social programs and environment preservation programs .
20 July 2009
W Earnings per share for the six months ended 30 June 2008 have been adjusted to reflect a 1:4 bonus issue approved at an Extraordinary General Meeting held on 10 March 2009 and reflected in the share register as at close of business on the same day.
Commentary
The Saudi British Bank (SABB) recorded a net profit of SAR1,436 million (US$383 million) for the six months ended 30 June 2009. Net special commission income increased by SAR102 million (US$27 million), or 6.1 per cent, compared with the first half of 2008 reflecting higher average asset volumes. Total non-funds income grew by SAR45 million (US$12 million), or 5.3 per cent, with higher foreign exchange and trade-related income streams compensating for lower levels of share brokerage and mutual fund fees.
Cost growth has been contained to SAR22 million (US$6 million), or 2.8 per cent, compared with the first half of 2008 delivering a cost:income ratio of 30.6 per cent for the first half of 2009 compared to 31.5 per cent for the same period in 2008. No impairment of other financial assets occurred in the first six months of 2009 compared to a SAR61 million (US$16 million) write-down reported for the same period in 2008. Income from associates fell by SAR56 million (US$15 million), or 80.7 per cent, reflecting the challenging market conditions experienced in the first half of 2009 compared to the same period in 2008.
Richard Groves, Managing Director of SABB, said: “SABB’s strong operating income streams have allowed the bank to report robust profits for the first half of 2009 despite a SAR246 million (US$66 million) increase in provisions for possible credit losses as compared with the same period in 2008 as a result of conservative credit policy.
“Deposit growth of SAR2.4 billion (US$0.6 billion), or 2.7 per cent, over the last 12 months has been balanced by loans and advances growth of SAR1.2 billion (US$0.3 billion), or 1.5 per cent, with new loans granted being partially offset by scheduled repayments of existing facilities and lower levels of overdraft. Surplus deposits continue to be invested predominantly in Saudi government instruments. SABB’s capital and liquidity positions remain strong as does the overall quality of the loan book.
“We thank our customers for their continued support and our staff for their commitment and contribution to the bank’s success.”
SABB’s Board of Directors has approved the payment of a gross interim dividend of SAR660 million (US$176 million) for the first half of 2009, equal to that paid in 2008. This represents a net distribution of SAR0.83 per share to Saudi shareholders after the deduction of Zakat.
Payment of dividends shall commence with effect from Monday 27 July 2009 for shareholders registered in the bank’s record as at the end of trading on Monday 20 July 2009.
15 July 2009
HRH Prince Sattam Bin Abdulaziz, Deputy Governor of Riyadh, handed a trophy to the Saudi British Bank (SABB), in recognition of the Bank's active participation in sponsoring the Vocational Health and Safety Seminar, and the 2nd Vocational Health and Safety Exhibition, organized by the General Organization for Social Insurance (GOSI), in collaboration with King Faisal University.
The trophy was received by Mr. Abdulrahman Al-Manna, General Manager, Property and Support Services, at SABB, during the seminar's opening ceremony, which took place in Riyadh, in conjunction with the activities of the World Vocational Health and Safety Day.
Mr. Al-Manna, said: "SABB's participation in supporting and sponsoring this seminar, emanates from the Bank's genuine belief in the noble goals, sought after by this project, to raise awareness of the significance of vocational health and safety, to companies and individuals alike, and to instill the importance of abiding by the necessary policies and principals, in order to avoid the dangers resulting from accidents in work places, and to provide health, safety and security to working individuals.
Al-Manna, also reiterated the Bank's keenness to apply all safety and security standards, in full compliance with all security preventive measures, to avoid hazards and to preserve the health and safety of employees, while carrying out their daily work, in addition to the safety of customers and visitors, moreover, educating staff, in a constant way, on the importance of abiding by the safety and security procedures, and how to react in case of a disaster or accidents. Finally, he extended his thanks and appreciation to all individuals who managed to make this event a real success, and to attain the goals and aims of the seminar.
5 July 2009
SABB announced that a principal SABB Head Office lounge has been named “ Sheikh Abdullah Al-Hugail Lounge” in appreciation of the role and contributions of the late Sheikh Abdullah Al-Hugail in the Bank’s progress and achievements.
The event was celebrated at the bank’s Head Office in Riyadh in presence of the Chairman, a number of Board of Directors and Senior Executives in addition to the sons of the late Sheikh.
Two other SABB Head Office lounges were previously given the names of the late “Sheikh Suleiman Bin Saleh Al Olayan” and the late “Sheikh Yousef Bin Ibrahim Radhwan”.
The ceremony was opened by Khaled Bin Suliman Olayan, SABB Chairman, highlighting the most conspicuous events in the life of the late Sheikh Al-Hugail and most prominent achievements made during his chairmanship since 1991 until his demise.
He confirmed that the effects of the loss of the Sheik Abdullah were not restricted to the Bank, but spread to cover the whole Saudi society having lost one of its outstanding characters, a leader businessman and a banking pioneer who enriched the role and development of Saudi Banking sector.
After his speech, Sheikh Khaled Olayan presented memorial gifts to the sons of the Late Sheikh Abdullah reflecting the role played by him and his contributions to SABB success and also signifying his social status in the opinion of the businessmen, the media and senior official personalities as reflected in the media coverage of his life and demise.
It’s also worth to mention that the late Sheikh Abdullah Al Hugail is considered one of the most famous Saudi businessmen who had distinct contributions in the Saudi economy to the development of all sectors of economy: Banking, Industrial, Commercial and Agricultural sectors. The late Sheikh Abdullah had also special skills and talents gained throughout his long business involvment during which he held many senior positions at Saudi Ministries and Saudi Joint Stock Companies, all of which made the Late Sheikh Abdullah Al Hugail occupy a prominent status within the list of Saudi leading economists.
27 June 2009
Within the SABB Community Service programs, a number of SABB staff headed by Saeed Al Mahoudi, AGM,EPM paid a heartfelt visit to the Social Care House at Al Khobar where they met with the House Residents and distributed gifts on them.
Mr. Mansour Al Katheeri, The Head of the Social Care House at Al Khobar, valued, in a brief word of welcome, SABB initiatives represented in its staff visit to the House and its efficient role in the development of the social responsibility concept that can be felt from its continuous humanitarian endeavors towards various social institution around the Kingdom.
Mr. Al Katheeri also demonstrated in a round together with the guests around the different utilities of the House, the most outstanding activities and how it’s managed, besides, he introduced them to the residents of the House.
Further, Mr. Ibrahim Abu Mouti, GM, Public Affairs Dept./SABB, commented on the visit as follows:” SABB is considered as one of the most pioneering institutions in the social liability; it pays great concern and attention towards its role in the society through various activities provided especially to classes that require financial and moral support.
Said visit, Abu Mouti said, represents one of the many activities provided by the Bank to enhance joining up with and support of the humanitarian centers in the Kingdom and to keep in touch with the House residents, added to the financial and material support that fulfills all requirements & care of the residents”.
He expressed his gratitude to all who are patronizing the house and who provided all facilities to realize this meeting as well as to the Bank staff who initiated the visit.
It is worth to mention also that SABB has been paying much attention, during the last years, towards the development of SABB Society Service Programs, the innovation of new programs in addition to the already existing programs, like:
27 June 2009
As part of SABB in the Community Programmes, SABB participated in the "World Environment Day", for this year, through the documentaries related to protecting the environment, and airing awareness messages through MBC-FM radio, in addition to distributing an eco-plant inside bags made of recycled cloth, with an aim raising awareness of environmental issues, among members of the 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 Programmes", 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 MBA programme from UK, the chair-in-finance at KFUPM, and 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."
27 June 2009
Leaders of the financial services industry in the region have been urged to learn lessons from the current economic turmoil by undertaking a realistic assessment of the risks to their businesses.
Speaking at a seminar organized by insurance brokers, SABB Insurance Services Limited, David Breden, Head of Operational Risk Practice at HSBC Insurance Brokers in London, told delegates: “After a decade of uninterrupted growth in the world economy, many in the financial services industry were unprepared for the crisis. They did not believe there could be circumstances that might cause their businesses to fail despite the fact that all regulators require companies in the sector to examine every potential risk.
“Recent events have changed that attitude. Now financial services businesses are looking at risk realistically and that means looking at the factors that could cause the worst to happen. The region's financial services businesses need to do the same even if some countries appear to have been cushioned to some degree from the full effects of the global economic downturn.”
Mr Breden explained that financial sector firms must evaluate the potential downsides of all proposed actions, including investigating the circumstances that could cause the business plan to fail, and decide how to manage the risks to ensure they are able to survive if things do not go as planned.
Mr Breden told delegates that in the current climate, it was hard to see a value in financial institutions adopting a high risk strategy. There was a wish to avoid unexpected losses that may threaten profitability and share price and undermine confidence in the firm. “So we should expect a risk averse stance which provides opportunity for products and services that can limit risk – such as insurance.”
SABB Insurance Services, the organizer of this seminar, is a joint venture insurance broking company between SABB and HSBC Group. The company provides high-end brokerage and insurance advisory services to Corporate, Commercial and Private Banking clients.
20 June 2009
SABB has concluded its annual blood donation campaign for this year. The campaign started this week in various Bank areas of the Kingdom, to correspond with the International Blood Donation Day, designated for 14 June. The campaign is organized in collaboration with King Faisal Specialist Hospital and Research Centre in Riyadh, and the Blood Bank at King Fahad Specialist Hospital in the Eastern Province.
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 contributors and organizers of this campaign, and to SABB employees who participated in it. He also highlighted the success of the campaign that 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 June 2009
SABB has recently celebrated the graduation of a new batch of Financial Planning and Asset Management accredited staff by the SAMA Institute of Banking. 13 accredited staff members were honored on this occasion which was held in presence of SABB key executives.
Commenting on the event, Dr. Kasib Al-Rasheedi, Manager Training and Development Manager said “ It is a prime interest of SABB to upgrade the qualifications of staff up to highest standards and knowledge and to encouraging them to benefit from the training and educational opportunities available in and out of the bank. The objective is to enhance staff experience and help them to provide best solutions for management of business, which would consequently reflect in the bank’s success in many fields at private sector level”.
“Involvement of SABB staff in such programs is in line with the bank’s keenness to observe the directions of SAMA towards enhancing investment awareness of banking sector staff in the Kingdom”, he said.
Dr. Rasheedi expected that the results of such efforts by the bank will reflect positively on customers. SABB provided accreditation to its staff who have direct liability to investment business services. He said the bank’s strategy for staff development has turned fruitful as is evidenced by the bank’s continuous winning of local and international appreciation awards in all fields including quality control and investment as well as assuming leading position among Saudi banks in the market.
Throughout previous years, SABB had established a long-term strategy for effective Saudization of positions by attracting Saudi graduates to its ongoing training programs which have been designed to develop their skills and knowledge. To this effect, 3 training centers were established; among the largest and fully equipped centers in the banking sector in the Kingdom
15 June 2009
SABB wins Ambassadors Art Award
On behalf of HRH Prince Saud Al Faisal, Minister of Foreign Affairs, HRH Prince Sultan Bin Salman, President of the Saudi Commission For Tourism and Antiquities handed over a memorial shield and a note of appreciation to SABB in recognition of its effective contributions in support of the activities of the third Ambassador Plastic Art Award and the exhibition held at the Ministry of Foreign Affairs in Riyadh.
Ibrahim Saad Al Akeel, General Manager Branch Network and Distribution Channels said “SABB’s sponsorship of this event is part of the Bank’s keenness to support the cultural development in the Kingdom, and to reflect the technical and the cultural features of Saudi individuals as well as to encourage the creativity of Saudi artists.
The bank’s support is extended under SABB Community Service Scheme umbrella and in support of MOFA initiatives to highlight the Kingdom’s development in terms of culture and arts, as well as to help Saudi arts reach global levels to serve as a means to enhance people and civilization communications.
According to Al Akeel many exquisite portraits were in display at the exhibition reflecting the fact that the Kingdom has many creative people who really deserve attention and support.
Al Akeel commended the efforts of those who were behind the well organized competition and exhibition and thanked them for all the support extended to make his event a real success
13 June 2009
Under the umbrella of "SABB in the community Programmes", a group of SABB employees participated in celebrating the activities of the "Anti-Tobacco Day", where they visited The Anti-Smoking Charitable Association, in Riyadh. They were briefed on the various services provided by the Association, and the ways and mean it employs to fight the smoking habit.
Mr. Ibrahim Abo-Mouti, Head of Corporate Communications and Sustainability at SABB, said: "The Bank's participation in this international initiative, stems from our firm belief on the noble intentions of the World Health Organization, by devoting a day for combating tobacco consumption, with an aim of focusing the world's attention to the negative and harmful consequencse of tobacco consumption, and its dreadful effects on general health. The event also endeavors to reduce the mortality rate caused by tobacco and smoking related diseases, which amounts to 5.4 million per year. Abo-Mouti, added: In addition to our, firm belief of the important role carried out by the Anti-Smoking Charitable Association, to fight this harmful habit, and decrease its danger. SABB is also keen to revitalize national and international activities and initiatives, and to highlight the concept of social responsibility among community members, through the participation of the Bank's employees in numerous social activities carried out recently. He also extended his thanks and appreciation to the management of the society, and to those who helped to make this visit a success, and to the bank's representatives who initiated this visit.
In recent years, SABB has exerted extensive efforts to develop SABB in the Community Progrmmes, and managed to create new initiatives in addition to the already launched services such as the annual MBA scholarship programme from UK, the sponsorship of the Chair-in-finance at KFUPM, as well as its continued support to the School Bag Programme, supervised by the Orphans Charitable Society (Ensan), and the Bank's support to widows and orphans to perform Umra during the month of Ramadan, in addition to the frequent visits organized by SABB to charitable societies, and the active participation in their activities.
7 June 2009
SABB signed an agreement for training-employment with the Human Resources Development Fund (HDF), under which the Fund will send 156 mail and female trainees to the bank during 2009 to be trained and employed immediately after completing the training period.
The agreement was signed by Mr. Ahmed Bin Hamad Al-Twaijri, SABB General Manager Human Resource on behalf of SABB and Mr.Ahmed Mohammed Al Ghamdi, Manager HDF in Riyadh on behalf of the Fund in presence of Dr. Kassib Bin Dughaiman Al Rashidi, Manager Training & Development at SABB.
Commenting on the occasion, Al Twaijri stated that:" The Agreement is in line with the Bank’s role in the community service and its belief in the goals of the project. Under the agreement the Bank will take part in the process of qualifying Saudi nationals to join the labor market apart from its commitment to saudization. For these objectives the bank coordinated with the Fund which we consider our partner in such project which aim at qualifying Saudi cadres to join the banking sector."
Al-Twaijri added that: "The percentage of saudization in SABB reached 87% and the agreement corresponds with the Bank's efforts for attraction and training of Saudi nationals. For example, SABB trained 307 male and female trainees during 2008 and employed them after completing the training period. This is in addition to other similar programs which are undertaken as part of the bank’s community service initiatives such as the COOP program under which the bank provided training for 71 students from different universities & institutes during 2008; the bank’s contributions to summer student programs every year in coordination with the Ministry of Labor”.
The Director of Human Resources Development Fund's Branch in Riyadh confirmed that the agreement falls within the Fund's plans to seek partners in the private sector's institutions who enjoy distinct capabilities in training and practical experience in order to ensure that national cadres are trained in line with the private sector's requirement and up to the highest productivity and discipline standards.
17 May 2009
Standard & Poor’s (S&P), one of the world’s leading international credit rating agencies, has affirmed its strong rating of The Saudi British Bank (SABB).
In a detailed report, S&P retains its rating of SABB as ‘A/Stable/A-1’ and states: “The ratings …. reflect its strong and resilient financial performance, 40% ownership by HSBC Holdings, strong asset quality and adequate capitalization.
“A flexible and innovative player – but also an aggressive competitor – SABB delivers customers high quality products and services.”
S&P recognizes SABB as “a leading player” in corporate banking and identifies its asset quality as “strong”, attributing the Bank’s “good financial performance” in 2008 to “increased volume of corporate lending, good cost control and limited cost of risk.”
The rating agency adds: “Building on its know-how and HSBC’s technical support, SABB has been growing very rapidly in recent years, with an assets growth rate outpacing most of its peers’”.
Looking ahead, S&P says that the Bank is likely to benefit from the repricing of assets and improvement in core earnings quality as the volume of activities increases at the recently-launched subsidiaries and associates including investment bank HSBC Saudi Arabia, Shariah-compliant insurance producers SABB Takaful, insurance brokers SABB Insurance Services Limited and share brokerage and securities specialists SABB Securities Limited.
SABB’s Managing Director, Richard Groves, commented: “The report confirms the strength of our strategy of focusing on the delivery of market leading products and on caring for our customers. SABB is well placed to take advantage of opportunities in the current environment.”
05 May 2009
The increasing need for expert trade and cash management solutions by the private sector across the Middle East during the current world economic turmoil is the core theme running through an important new book that has now been launched in Saudi Arabia. It is published jointly by SABB and its global associate, HSBC.
The launch of the Guide to Cash, Supply Chain and Treasury Management in the Middle East 2009 was celebrated at a gathering of financial and economic experts from the public and private sectors in the region and corporate customers of SABB at The Intercontinental Hotel, Riyadh.
The 232-page book includes 32 detailed essays and case studies by a wide range of international authorities as well as SABB and HSBC specialists covering the full spectrum of cash management, supply chain and treasury issues that corporations trading within and outside KSA and the region need to consider. In addition, the economic situations and relevant regulatory regimes of countries across the Middle East are analysed and discussed.
“There is growing recognition in Saudi Arabia and the region that management of cash flow, of payments and of multitudes of currencies can radically affect a company’s profitability,” Adel Al-Nasser, Deputy Managing Director of SABB, told the launch gathering.
“But in these times of economic uncertainty, when margins are being reduced to the minimum, when currencies fluctuate wildly from day to day or even minute to minute, the expert and efficient use of these management tools can sometimes even be essential to the survival of a business, whether small or large” , he added.
Abdulaziz Al Helaissi, Area General Manager, Central Province commented, “This book will help guide CEOs and financial managers through the complexities of the various processes involved, including Shariah-compliant options. We have tried to anticipate the problems that may arise in 2009 and look forward to readers coming forward to share their experiences in next year’s Guide so that we can all continue to learn.”
28 April 2009
SABB inaugurated the new Khalediah branch, located at Prince Sultan St. in Jeddah. The new branch comes as part of SABB Amanah chain of branches. The branch also contains the first credit cards service centre in western province, and a separate ladies section.
The Bank's celebrations of this event were attended by board members Mr. Fouad Baharwi, Mr. Khalid Al-Molhem, Mr. Mohamed Al-Omran, Mr. Richard Groves, SABB's Managing Director, Mr. Adel Al-Nasser Deputy Managing Director at SABB, in addition to a group of senior management at the Bank.
Mr. Alaa Al-Jabri, General Manager, Western Province at SABB said: "The opening of the new branch, comes within the framework of an strategic plan devised by the Bank, to expand the base of "SABB Amanah" branches, which caters for offering shariah-compliant financial services, to meet various customers' increasing demands for such services, and the trust they have for the products and services offered." Mr. Al-Jabri also emphasized SABB's keenness to always be within close reach to customers, and indicated that the new branch comprises various services, i.e. a special lounge for Al-Imtiaz customers, ATM's, Cash Deposit Machines, and financial planning services."
It is worth mentioning that "SABB Amanah", is SABB"s arm in charge of offering Islamic products and financial services that caters for various customers' needs, and enjoys a Kingdom wide network of branches.
25 April 2009
Highlights
Commentary
SABB recorded a net profit of SAR760 million (US$203 million) for the three months ended 31 March 2009. This represents a SAR3 million (US$1 million) or 0.4 per cent increase compared with the first quarter of 2008 and a SAR103 million (US$27 million) or 15.7 per cent increase compared with the fourth quarter of 2008. Net special commission income has grown by SAR27 million (US$7 million), or 3.1 per cent, compared to the first quarter of 2008 reflecting corporate asset growth and lower funding costs. Despite a fall in income from the brokerage and mutual funds businesses, total non-funds income grew by SAR68 million (US$18 million), or 20.2 per cent, compared to the first quarter of 2008 reflecting strong foreign exchange and trade-related business.
Overheads increased by SAR56 million (US$15 million), or 15.6 per cent, compared to the first quarter of 2008 mainly due to continued investment in branch network expansion and in technology infrastructure. Higher volume-driven card, personal loan and collective impairment charges have increased provisions for possible credit losses by SAR41 million (US$11 million), or 54.6 per cent, compared to the first quarter of 2008 which benefited from higher levels of corporate recoveries.
Richard Groves, managing director of SABB, said: “The first quarter 2009 performance reported by the bank is encouraging and demonstrates our continuing commitment to delivering sustainable results from our core banking businesses. The quality of our balance sheet remains strong based on long-term relationship lending, with surplus deposits invested predominantly in Saudi government instruments or with the Saudi central bank. The SAR12.7 billion (US$3.3 billion) or 19.1 per cent increase in loans and advances compared to 31 March 2008 has been more than covered by the SAR18.2 billion (US$4.9 billion) or 23.2 per cent increase in customer deposits. This has allowed SABB to maintain a strong liquidity position which, together with a capital ratio strengthened by our recent bonus issues, will ensure that funding remains available to our valued clients.
“SABB continues to invest for the future and to ensure that any cost increase is supported by business growth, enhanced customer service and efficiency improvements. Although bad debt levels remain acceptable, the bank will closely monitor the situation for any signs of distress caused by the current global financial problems and offer early support to our clients as required.
“We thank our customers for their continued support, and our staff for their commitment and contribution to the bank’s success.”
15 April 2009
SABB employees participated in the special celebrations of World Health Day in the Kingdom, in support of the various efforts of the World Health Organization, the sponsor of this international event. This year, the event was under the theme "Save lives. Make hospitals safe in emergencies."
SABB staff visited the Saudi Red Crescent Authority, as part of SABB in the community programmes, in order to gain a detailed view of the tasks carried out by the Red Crescent, and as a gesture of appreciation for the outstanding efforts carried out by the Saudi Red Crescent
Engineer Abdulrahman Al-Manna, General Manager, Property and Support at SABB, said: "This visit aims at enhancing the spirit of social responsibility among community members, and of their role in raising awareness of the need to participate in such international events, which are themselves aimed at finding ways to deal with emergencies”.
Mr. Al-Manna, praised the huge success achieved by the event, which is one of a series of initiatives carried out by SABB in the field community service. Participating employees received extensive presentations on the ways and means used in first aide practices, with special emphasis on how to handle emergencies and safe lives, and how to care for injuries resulting from accidents and natural disasters, and other out of hand catastrophes. He extended his thanks to the Saudi Red Crescent Authority, for their responsiveness and efforts that assisted in making this event a success.
In a further World Health Day initiative, SABB supported the Saudi Training and Educational Establishment through the purchase of first aid kits and distributing them to the Bank's personnel throughout the Kingdom.
12 April 2009
SABB honors its Shariah Committee members, clients and employees
And holds an open forum on the international financial crisis
In honor of its Shriah Committee members, clients and staff, a large gathering has been organized by SABB at Riyadh Marriott Hotel last Tuesday where an open forum was held under the theme “International Financial Crisis- Analysis and Solutions from Islamic Perspective”. In addition to clients, the event was attended by a large number of senior executives of SABB and HSBC
In his message to the gathering, Mr. Adel Marzok Al-Nasser, SABB DMD described SABB Amana Islamic Banking role as vital in building and expanding a large base of clients and that such products were highly received by customers from all categories. He added that based on such demand the bank attaches high importance for the development of such services to maintain customers confidence and meet their requirements and aspirations. He also stressed that Islamic branches have priority in he Banks expansion plan and will continue to achieve in the Islamic Banking field and effectively contribute to support of Islamic Banking Industry.
Mr. Mukhtar Hussein, Global HSBC Amanah Executive Officer addressed the presents pledging continuous support to Amana trends, development and global expansion to achieve further advancement at all levels.
In his speech, His Honor Sheikh Abdullah Bin Mohammed Al-Mutlaq, member of SABB Shariah Control Committee highlighted the importance of complying by the Sharia controls in performing banking transactions.. He praised SABB efforts for provision of Islamic Banking Services stressing that SABB is on the right track towards the aspired stage in respect of Islamic Banking Services. His Honor emphasized the importance of abiding by the Islamic Shariah rules in all banking transactions.
The open forum was lead by His Honor Dr. Sheikh Mohammed Al-Qary, member of Shariah Committee of SABB. He spoke about the elements and pillars of Islamic Banking business as well as the reasons why Islamic banks were not affected by the global financial crisis. He also called upon banks to hold to and adopt the Islamic pattern in their banking deals and praised the achievements of SABB Amanah in the field of Islamic Banking.
The event was attended by a large number of customers who considered the appearance of Sharia Sheiks beside senior executives of the bank an opportunity to launch many questions and discuss matters relating to all aspects of Islamic banking.
7 April 2009
SABB Amanah launched shariah compliant personal finance offers at competitive rates targeting customers among various Govt. & private sectors’ employees.
Commenting on the occasion Mr. Nabil AL-Hoshan, General Manager personal Finance, said: “These offers are based on deep study of the market’s requirements and customer’s needs. The product is designed for the customers working in various sectors such as health, education, electricity, telecommunications, oil, petrochemicals as well as military sectors”.
AL-Hoshan added that the product design aims at providing the necessary finance according to the customer’s sector thus ensure that he obtained the best offer, which satisfies his requirements.
Since its launch, SABB Amanah works to provide innovative, shariah compliant personal finance solutions such as Manazil ownership program, MAL personal finance and SABB Amanah credit card, based on Tawarruq concept.
6 April 2009
SABB continued its participation in the "One Million Cleanup Campaign" initiated by the General Directorate of Hygiene, Riyadh Municipality, for the second year, in an effort to maintain a clean environment. SABB employees participated in the second drive, to cleanup Wady Al-Washla area, south of Riyadh. This initiative comes under "SABB in the community Programmes".
SABB's participation in this drive comes as a continuation to the success achieved by the Bank's participation in the first drive of this campaign, launched earlier this month, to cleanup Al-Thumamah area north of Riyadh, in addition to the success achieved by SABB's participation in the previous campaign, organized last year, by the General Directorate of Hygiene, Riyadh Municipality.
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 praised the efforts of the General Directorate of Hygiene at Riyadh Municipality, and other participating companies.
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 - ENSAN”, in addition to the bank's annual "Blood Donation Campaign."
28 March 2009
As part of "SABB in the Community Programmes"
SABB Participates in combating Global Warming
For the second year, SABB is participating - next Saturday - in "Earth Hour 2009", run by The World Wide Fund for Nature (WWF), the environmental 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, on Saturday 28 March 2009 - between 8 pm and 9 pm (Saudi Arabia's local time).
The aim of the campaign is to demonstrate that individual action on a mass scale can help change our planet for the better. The Bank's participation in this campaign comes as part of "SABB in the Community Programmes", and is an attempt to promote environmental awareness among individuals, including the Bank's staff, of their responsibilities towards preserving the environment.
SABB is one of the first Saudi establishments and companies to participate in the "Earth Hour". The Bank 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; in addition to broadcasting radio messages as a public service to tell the community about the occasion and its purposes.
24 March 2009
As a part of SABB in the Community Programmes, a group of SABB female staff in central province, participated in the "World Down's syndrome's Day", which coincides - this year - with the 50th anniversary of discovering the extra chromosome 21, which causes Down's syndrome condition.
SABB female staff participated in this event in collaboration with Down's Syndrome Charitable Association (DSCA), in organizing a recreational festival that consisted of many entertaining activities, and attended by 60 Down's syndrome kids in addition to their mothers. The festival took place at Bambolina Recreational Centre, in Nojood Commercial Centre in Riyadh, with the aim of drawing a smile on the faces of these kids, a gesture that reflects the Bank's keen attention to those kids, and to demonstrate the community care for them, and to let them know their position in the hearts of community individuals.
This participation comes as one of the programmes offered by the Bank under the umbrella of "SABB in the Community Programmes", and aims to enhance the relations with humanitarian centers in the Kingdom, by supporting the projects undertaken by charitable societies which provide care to those with special needs. SABB pays great attention to its responsibility towards this category, through the Bank's continuous support to the projects and activities carried out by DSCA, where SABB sponsors three educational and rehabilitation chairs at this centre, for the third year in a row.
In recent years, SABB has exerted extensive efforts to develop SABB in the Community Progrmmes, and innovate new ones in addition to the already launched services such as the annual MBA scholarship programme from UK, SABB sponsorship of the Chair-in-finance at KFUPM, as well as its continued support to charitable societies programmes such as the School Bag Programme, supervised by Orphan Charitable Society (Ensan), and SABB's Annual Blood Donation Campaign.
22 March 2009
SABB has won one of the banking industry’s most prestigious awards for its remarkable success in helping Saudi businesses grow their cross-border trade. The Bank has been named Best Trade Finance Bank in Saudi Arabia, 2009, by the highly influential international publication, Global Finance magazine
The award follows an extraordinary year when SABB’s trade finance volumes grew 72% and its market share rose considerably. This record performance was strongly supported by SABB’s launch of a series of Islamic export financing products in 2008 to complement its existing portfolio of Shariah-compliant import financing tools as well as introducing dedicated Islamic trade processing systems.
SABB Deputy Managing Director, Adel Al-Nasser, commented: “This accolade further enhances SABB’s message to the marketplace when businesses are looking for a strong and reliable partner for their domestic and international trade needs."
He added: “Our pioneering move in radically enhancing our range of trade products and supply chain finance solutions answered a growing need in the market and we were able to capitalize on close customer relationships and by our worldwide association with HSBC. We are also able to provide customers with Shariah-compliant marine cargo insurance through SABB Takaful.
17 March 2009
As a part of SABB in the Community Programmes, SABB staff in western province, headed by Mr. Ghassan Al Amoudi, Deputy Area Manager visited the Resalat Amal Centre, to bring joy to the handicapped children.
SABB staff offered gifts to and participated in different activities with the children who are suffering from Down’s syndrome, autism and other handicaps, to make them feel the magnitude of the community love and care for them.
Commenting on the visit, Mr. Ibrahim Abo-Mouti, Head of Corporate Communications at SABB, said: “SABB gives a special attention to these kids and sponsors a number of children at this Centre. This visit comes under the umbrella of "SABB in the Community programmes", and aims to enhance the relations with the humanitarian centers in the Kingdom, by supporting the projects undertaken by charitable societies which provide care to those with special needs”. He also expressed his thanks and appreciation to all parties who arranged for this visit and to Bank staff who took this initiative.
During recent years, SABB has exerted extensive efforts to develop SABB in the Community Progrmmes, and create new ones in addition to the already launched services such as the MBA scholarship programme from UK, SABB sponsorship of the Chair-in-finance at KFUPM, as well as its continued support to charitable societies programmes such as the School Bag Programme, supervised by Ensan, and SABB's Annual Blood Donation Campaign.
17 March 2009
The Board of Directors of Saudi British Bank (SABB) appointed Mr. Khaled Suliman Olayan as the Bank’s Chairman. His appointment was among several resolutions agreed by the Board of Directors which included confirming Mr Richard Groves as the new Managing Director, effective 16 March 2009 .
Mr Khaled Olayan is one of the most influential figures in the development of the Saudi economy and a leading businessman in the Kingdom. He is Chairman of the Olayan Group, a multi-faceted international group, in the fields of commerce, industry, services and investments. He replaces the late Mr. Abdullah Al-Hugail, who was a major contributor to the growth of SABB during his years as a member of the Board and as Chairman.
Since joining SABB's Board of Directors in January 2002, Mr Khaled Olayan has played a key role in guiding the Bank to its current position as one of the largest and most respected financial institutions in the Kingdom, taking a particular interest in encouraging the Bank to meet the highest international standards in customer service and the management of investments.
Mr Khaled Olayan, has a master's degree in business administration, with a major in international projects, from The American University in Washington DC.
Mr. Richard W L Groves becomes Managing Director, effective 16 March 2009, succeeding Mr John Coverdale who is moving to Hong Kong to take up a top level global position in the HSBC Group.
Mr. Richard Groves joined SABB in February 2007 as Chief Operating Officer and Executive Director as well as Chairman of SABB Securities Limited. Immediately before joining SABB he was Chief Executive Officer of HSBC Bank Middle East Limited in Oman. Mr Groves, started his career with HSBC Group in April 1981, working in Malaysia, Hong Kong, the Philippines, Australia, Indonesia, Northern India, and the United Kingdom in various roles.
10 March 2009
SABB employees participated – for the 2nd time – in the "One Million Cleanup Campaign", initiated by the Hygiene Department of Riyadh Municipality, to clean one million square meters at Al-Thumamah area in Riyadh. This participation, comes after the success achieved by SABB in the previous campaign. This drive comes under "SABB in the community Programmes"
The bank will also continue to participate in the latter stages of this campaign, through the active participation of its employees to clean one million square meters, in Dirab area south of 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”, and the bank's annual "Blood Donation Campaign.", the bank's support to widows and orphans to perform Omra during the month of Ramadan, in addition to the bank's arrangement of continues visits to charitable societies and its participation in their various activities.
7 March 2009
SABB participated in the 22nd seminar on money laundering, terrorism financing, and financial crimes held by SAMA for the judges of The Ministry of Justice and The Bureau of Grievances.
Mr. Mohammed Al-Obaid, Head of Compliance at SABB, represented the bank at the 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 taken through the latest information, directives and practices in order to further develop their skills and abilities in this field on national and international levels.
The presentation also detailed the procedures, controls and systems adopted by commercial banks to detect movement of money from suspicious sources and the methods adopted by money launderers to carry out such operations.
Mr. Al-Obaid commented: "SABB's involvement in the seminar underlines the Bank's commitment to the community and its extensive efforts to fight financial crime, which is adversely affecting national and global economies."
SABB contribution included counseling 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 revised rules formulated by SAMA - in December 2008 - to combat money laundering and terrorism financing.
24 February 2009
The ICSABB Millionaire Marketing Campaign, organized recently by SABB, was a real success. A draw on prizes has been carried out at SABB’s Head Office, where the event was attended by Mr. Nabil Al Hoshan, General Manager Personal Financial Services, at SABB, in addition to a representative from the Saudi Commercial and Industrial Chamber of Commerce in Riyadh.
The prize winners were: Mr. Abdulrahman Alawi Al-Attas, Mr. Mohammed Moustafa Al-Wazeer, Mr. Fahad Saleh Al-Gofaily, Mr. Fahad Rafee Al-Shammary, and Mr. Nayef Nasser, where each of them won the prize of One Million ICSABB points.
Commenting on the event, Mr. Al Hoshan said: “ICSABB Millionaire Campaign, which is running for the second year in a row, has become an annual programme, through which we reward our customers for their confidence and selection of SABB credit cards. This comes as a result of our success in the area of credit cards, which is also an outcome of efforts exerted by everyone in SABB to promote and manage this marketing campaign, in addition to the excellent quality of services provided to our clients, who deserve our sincere thanks.
He also added: "We in SABB are committed to provide the best services to SABB credit cards customers, in addition to promotional campaigns that we organize on a regular basis, and ICSABB Millionaire Programme, we recently offered additional discounts and special offers in main shopping centres in the Kingdom, where the customer enjoys discounts that amounts to 30% in the participating commercial centres."
It is worth mentioning that, ICSABB millionaire prize, gives the customer one million ICSABB points. These points are purchase coupons that allow winners free-shopping of up to SAR 100,000 in major commercial centres in the Kingdom, which include clothes, gifts, toys, appliances, tourism and travel agencies, restaurants and in other numerous supermarkets.
25 January 2009
SABB Board of Directors, in consideration of shareholders’ expectations and the continued policy of capital and profit enhancement, have decided to recommend to the extra-ordinary general meeting, scheduled for the first half of 2009, subject to obtaining the necessary approvals by the regulatory authorities, the increase of SABB paid capital from SAR 6,000 Million to SAR 7,500 Million by issue of 150 Million new shares, in addition to the present 600 Million shares, so that the total number of the Bank’s shares, after the new issue, is 750 Million shares, by way of issue of 1 bonus share for every 4 shares held.
The additional increase in the capital of SAR 1,500 Million which represents 25% of the bank’s current paid-up capital will be used to enhance the bank’s capital base and grow its profits by investing in the major growth opportunities provided by the strong Saudi economy and consequently strengthening shareholders returns.
The Ad-hoc Chairman of SABB, Sheikh Khaled Bin Suliman Al-Olayan said the Board’s recommendation to increase the bank’s capital has been made in view of the successes achieved in the recent years, the excellent customer relationships and the most advanced services provided by the bank to customers using latest technology, thereby enhancing customers’ confidence in the bank; as well as the ongoing support by shareholders to all bank activities. Olayan said these achievements would not have been possible without the competence, enthusiasm and dedication of staff in serving the bank’s customers as well as their high level of professionalism.
Olayan said in conclusion of his statement that once the regulatory authorities have approved the capital and share increase, the eligibility of the bonus shares will be to those shareholders registered in the bank’s register as of the end of trading on the day of the extra-ordinary general meeting held to decide the capital increase, scheduled for the first half of 2009.
24 January 2009
Highlights
Commentary
The Saudi British Bank (SABB) recorded a net profit of SAR2,920 million (US$779 million) for the year ended 31 December 2008. This represents a 12.0 per cent increase compared with 2007. Net special commission income for the year increased by SAR148 million (US$39 million), or 4.8 per cent, driven by higher volumes. Non-funds income grew by SAR390 million (US$104 million), or 29.6 per cent, in 2008 reflecting strong performance from SABB’s card, account management and trade-related businesses.
Operating expenses less provision for possible credit losses and less impairment of other financial assets, increased by SAR213 million (US$57 million) in the year to 31 December 2008, or 14.9 per cent compared with 2007, mainly due to branch network expansion, increased investment in technology and higher performance-related compensation. Provisions for possible credit losses reduced by SAR25 million (US$7 million) in the year to 31 December 2008, or 6.3 per cent compared with 2007, with increased recoveries and lower specific provisions offsetting higher volume-driven collective impairment charges.
John Coverdale, managing director of SABB, said: “Despite 2008 being a difficult year for the financial services industry, I am pleased to report that SABB has delivered a 12.0 per cent increase in net profit over 2007. This sustained performance has been achieved by SABB’s continued focus on core banking activities, supported by the underlying fundamental strength of the Saudi economy. The quality of our asset book remains strong, with loan growth being fully funded by increased customer deposits. Surplus deposits raised have been invested in accordance with our conservative investment policy.
“We thank our customers for their continued support and our staff for their commitment and contribution to the bank’s success.”
21 January 2009
In response to the call of The Custodian of The Two Holy Mosques King Abdullah Bin Abdulaziz to support the public campaign for donation and humanitarian aids for the relief of Palestinian people, SABB announced it has donated the amount of SAR 1,500,000/- .
SABB contribution in this campaign reflects the bank’s keenness to support the efforts of the government for relief of Palestinian people and emphasizes the leading humanitarian role of the Kingdom of Saudi Arabia.
The SABB donation was announced through TV channel on the first day of the campaign which started on Saturday 3.1.2009.
04 January 2009
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