Samba Financial Group
Samba is a time-tested giant in the banking sector. The company's activities cover a wide range of services in the consumer, corporate, treasury, and investment segments. Samba Financial Group's subsidiaries and subsidiaries are located in London, Dubai, Qatar, and Pakistan.
Samba Financial Group was founded in 1980, and it was then that it bought branches of the financial organization Citibank, which is the first National Bank in Jeddah and Riyadh. In 1999, Samba Financial Group merged with United Saudi Bank and created the largest bank in Saudi Arabia. In 2003, the company transferred to local management and officially renamed the Samba Financial Group. In 2004, Citibank sold its last stake in the company.
In 2007, Samba Financial Group bought a 68% stake from the commercial bank Crescent, which is located in Pakistan. Subsequently, she acquired a banking license in Dubai and founded Samba Capital, a unique new investment home in Saudi Arabia. In 2010, Samba Financial Group became the first Saudi financial institution to have a full-fledged branch in Qatar.
In 2008, there was a financial crisis, but the company showed its stability even in conditions of a credit collapse and brought a profit of $ 1.2 billion. In 2011, Samba entered the ranking of the ten safest banks in the Middle East and took fourth place in the rating.
Given the scale of the Samba Financial Group, it is easy to assume that the financial performance of the company, its successes and failures affect the economy of Saudi Arabia. Therefore, the company pays attention not only to internal financial decisions but also tries to be a catalyst for economic progress in society and an assistant in the field of state prosperity.
The principal positions of Samba Financial Group include truthful and open interaction with clients at all stages of work, providing partners and customers with relevant and accessible information about services and other nuances of the company. Samba Financial Group also offers financial education for its clients to help them develop knowledge that may be useful in understanding the risks.
Samba Financial Group sees a need for ethical work for the benefit of customers. He believes that a banking heavyweight such as Samba is required to protect against fraud and control deposits, developing management systems with a high level of security and control.
In this regard, in 2018, Samba joined the MENA community, which is engaged in the investigation of financial crimes. The company became the last member of the organization and the first Arab bank to join the MENA FCCG. In the same year, Samba Financial Group received the "Best Commercial Bank for Welfare and Society in Saudi Arabia" award at the Global Wealth and Society Awards ceremony.
Samba Financial Group Revenues
Samba reports for 2018 indicate that the bank’s profit grew by 10% and amounted to 5.53 billion riyals.
In 2018, Samba Financial Group shares ranked fourth in the ranking of 30 heavyweight shares on the Saudi Tadawul stock exchange. However, in the first half of 2019, the company’s profit fell by 16.25% to 2.29 billion riyals.
Moody’s rating agency rated its financial performance for Samba Financial Group in 2019. In its ranking, the company occupies the positions of A1 and A2. They reflect essential creditworthiness, stable financing, and moderate liquidity, sufficient solvency, and the profitability of sustainable assets.
