| Type | Public |
|---|---|
| Industry | Finance |
| Founded | 1978 |
| Headquarters | Riyadh, Saudi Arabia |
| Key people |
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| Products | Financial Services |
| Employees | 5,000+ |
| Website | www.sabb.com |
SABB (Arabic: ساب) (The Saudi British Bank, البنك السعودي البريطاني) is an affiliate of the HSBC Group. SABB has a branch in London.
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SABB offers services in investment banking, commercial banking, private banking, and Amana Islamic Banking.
Amanah Islamic Banking Services (Arabic: الأمانة للخدمات المصرفية الإسلامية), which are part of SABB, are regulated by the Saudi Arabian Monetary Agency and a Shariah Supervisory Committee. This ensures that Amanah conforms to strict adherence to principles of Sharia in its Islamic financial products and services.
The British Bank of Iran and the Middle East, which became British Bank of the Middle East (BBME), opened branches in Jeddah and Al Khobar in 1950. The Jeddah branch in particular depended for its profits on the Hajj, the Muslim pilgrimage to Makkah (Mecca). HSBC acquired BBME in 1959. In 1978 HSBC was forced to convert its branches into an affiliate, Saudi British Bank. Ownership became 60% Saudi and 40% HSBC, and HSBC has a technical services agreement with the bank. In August 2011, Fitch Ratings gave SABB's Long-Term Issuer Default Rating (IDR) at “A” with a stable outlook as well as The Viability Rating (VR) has also been affirmed at “A”.[1]
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