SABB
From Wikipedia, the free encyclopedia
| SABB سـاب |
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| Type | Public |
| Founded | 1978 |
| Headquarters | Riyadh, Saudi Arabia |
| Key people | Abdullah bin Mohammad Al Hokail, Chairman John Coverdale, Managing Director |
| Industry | Finance |
| Products | Financial Services |
| Revenue | ▲US$17.6 billion (2005) |
| Net income | ▲ US$668 million (2005) |
| Employees | 2,500 |
| Website | www.sabb.com |
SABB (Arabic:ساب) (formerly The Saudi British Bank, البنك السعودي البريطاني) is an affiliate of the HSBC Group, one of the world’s largest banking and financial services organisations, with 10,000 offices in 82 countries and territories in Europe, the Asia-Pacific region, the Americas, the Middle East and Africa.
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[edit] History
In 1950 The British Bank of Iran and the Middle East, which later became the British Bank of the Middle East, opened branches in Jeddah and Al Khobar in 1950. The Jeddah branch in particular depended for its profits on the Hajj. The Al Khobar branch's clients however were mostly new foreign oil workers and not locals. The Hongkong and Shanghai Banking Corporation (HSBC) acquired BBME in 1959, but kept the BBME name, which by that time was well-established.
Two local banks, the National Commercial Bank and the Riyadh Bank, dominated the retail market. Public complaints about high bank charges and poor service forced the authorities to take action in the mid-1970s. Furthermore, Islamist and nationalistic elements were criticizing the authorities for permitting foreign banks to operate at all on Saudi Arabian soil. Therefore the authorities decided to try to satisfy all critics by Saudi-izing the foreign banks, but at the same time permitting them to expand their branch networks to create a more competitive banking environment. The Saudi-ization was carried out by offering 60% of the shareholdings of the domestic operations of the foreign banks, such as the British Bank of the Middle East, which became the Saudi British Bank, to local private citizens, and letting the parent company retain the remainder.
The Saudi British Bank (SABB) is a Saudi Joint Stock Company established by Royal Decree no. M4 dated Safar 12 1398(AH) (January 21, 1978). The Bank formally commenced activities on Rajab 26, 1398(AH) (July 1, 1978) with the taking over of the operations of The British Bank of the Middle East in the Kingdom of Saudi Arabia. SABB operates under Commercial Registration 1010025779 dated Dhul Al Qidah 22, 1399(AH) (October 13, 1979) as a commercial bank through a network of seventy-three branches including thirteen women's branches that are staffed exclusively with women and that deal exclusively with women.
[edit] Services
SABB offers services in investment banking, commercial banking, private banking, and Amana Islamic Banking.
[edit] Amanah Islamic Banking
Amanah Islamic Banking Services (Arabic: الأمانة للخدمات المصرفية الإسلامية) in The Saudi British Bank is regulated a Monetary Agency and Shariah Supervisory Committee. It ensures that The Saudi British Bank is the leading provider of value added Islamic financial products and services to its customers.
Amanah is committed to providing innovative Islamic Products to its customers. This is achieved by strict adherence to principles of Sharia and the core investment and market pillars which are:
- Adherence to Islamic Sharia
- Honesty and uncompromising integrity
- Professionalism
- Strong customer focus
- Excellence in reputation
[edit] Board of Directors
- Abdullah Mohammed Al-Hugail, Chairman
- Fouad Abdulwahab Bahrawi
- Khalid Abdullah Al Molhem
- Khalid Sulaiman Olayan
- Sulaiman Abdulkader Al Muhaidib
- Ahmed Sulaiman Banaja
- John Coverdale - Managing Director
- Richard W L Groves - Executive Director & Chief Operating Officer
- David Hodgkinson
- Youssef Nasr
[edit] See also
[edit] External links
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