Samba Financial Group

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Samba Financial Group
Type Public
Industry Finance
Founded 1980
Headquarters Riyadh, Saudi Arabia
Key people Eisa M. Al-Eisa, Chairman
Products Financial Services
Revenue 4,510 Billion Saudi Riyals (2013)
Website www.samba.com

Samba Financial Group one of the region's largest and most acclaimed financial services groups with an unrivalled reputation for world class financial solutions comparable with the best in the world. Since inception, Samba has been leading the industry in innovation with a long list of industry firsts, playing a major role in the modern transformation of banking in Saudi Arabia. Indeeed, their world class services, market-leading products and superior technology have made them one of the most successful financial services brands and the most internationally acclaimed bank in Saudi Arabia and even the Middle East.

Network[edit]

Samba is one of the largest financial services in Saudi Arabia and has an extensive operations network in the Kingdom and across the globe.

  • Saudi Arabia: 72 branches, 33 SpeedCash centres, 496 ATMs, 26 ladies centers, SambaOnline, SambaPhone, SambaMobile.
  • Dubai: 1 branch, 12 ATMs, SambaOnline, SambaPhone
  • Pakistan: 28 branches across major cities in Pakistan, 28 ATMs, SambaOnline, SambaPhone,
  • London: 1 branch.
  • Qatar: 1 branch

History[edit]

  • 1955 Citibank opens Jeddah Branch.
  • 1966 Citibank opens Riyadh Branch.
  • 1980 Citibank becomes Saudi American Bank following a Royal Decree. Citibank retains 40% ownership and manages the bank through a Technical Management Agreement. The remaining majority shareholding was owned by Saudi.
  • 1984: Samba opens its first international branch in London, UK.
  • 1987: Samba upgrades its presence in London from a representative office to a fully licensed bank.
  • 1991: Citibank reduces its shareholding to 30%.
  • 1999: Samba merges with United Saudi Bank creating one of the largest financial institutions in the Middle East, of which Citibank owned 22.83%.
  • 2000: Samba opened its first branch in Doha, Qatar.
  • 2002: Citibank reduces its shareholding to 20%.
  • 2003 The Technical Management Agreement with Citibank ends. Samba comes under full local management on 31 October 2003. To mark this important milestone, the business is officially renamed Samba Financial Group or Samba - a name that its customers had been using for long time.
  • 2004 Citibank sells its last remaining 20% shareholding to local investors.
  • 2007 Samba acquires a majority stake (68.4%) in Crescent Commercial Bank in Pakistan. Samba creates Samba Capital, a new specialized investment house in Saudi Arabia.
  • 2008 Samba launches its branch in Dubai. Samba also completes the acquisition formalities of Crescent Commercial Bank in Pakistan, which it rebrands as Samba Pakistan, and expands its branches to 28. Samba acquires license to operate as a foreign investment institution in India.
  • 2009 Samba Financial Group launches a new Corporate Social Responsibility strategy with a series of training programs for university and institute graduates to promote their employment opportunities through comprehensive training courses.
  • 2010 Samba opens its branch in Qatar, becoming the first Saudi bank to establish a presence in Qatar with core operations including corporate and investment banking.

Samba was awarded "Best Bank in Saudi Arabia" in every year since 2005, in addition to winning several other awards. In 2014, Samba is often viewed as the safest bank in Saudi Arabia. Yet, in December 2014, Fitch affirmed and withdrew SAMBA Financial Group's (SAMBA) EMTN Program rating.[1]

References[edit]