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The British Bank of Iran and the Middle East, which transformed into the British Bank of the Middle East, opened its branches in Jeddah and Al Khobar in 1950.
The amount of profit received by the bank depended on a pilgrimage to Mecca. One of the main reasons for bank creation is servicing the financial needs of the Hajj pilgrims.
Hong Kong and Shanghai Banking Corporation acquired the British Bank of Iran and the Middle East in 1959.
In 1979, the Kingdom of Saudi Arabia began the process of Saudization of all financial institutions. It meant that foreign banks with a majority stake did not have the right to conduct financial and commercial activities in Saudi Arabia and use the profit received in the Kingdom.
All banks with the lion’s share of foreign capital were to merge with companies in Saudi Arabia, that is, become companies with Saudi capital.
HSBC Holdings plc became an integral part of the financial system of Saudi Arabia. In 1978, it opened its first branch and was renamed to Saudi British Bank.
40% of Saudi British Bank is owned by HSBC Holdings plc that has a maintenance agreement with the Saudi British Bank.
Saudi British Bank offers a range of financial, commercial and banking services to its customers, such as investment of business companies and individuals, commercial banking, Islamic banking.
Saudi British Bank provides consulting services and is engaged in the trust management of capital. SABB offers customers the opportunity to form an investment portfolio that can generate high returns. Insurance and the issuance of loans is one of the main activities of the bank.
SABB is an Islamic bank; in the field of finance, it professes the principles of Sharia. It means that banking operations related to usury or speculation are prohibited. The practice of concluding futures contracts, as well as trading binary options, are forbidden.
Islamic banking is an integral part of the bank’s commercial activities and is regulated by the Saudi Arabian Monetary Agency and the Shariah Supervisory Board.
By Vision 2030, the adopted state program of economic development of the Kingdom of Saudi Arabia, significant changes should occur in the activities of the financial institutions of Saudi Arabia.
The Saudi government announced the creation of an ambitious project related to the construction of its own Silicon Valley. The project was proposed by the Crown Prince of Saudi Arabia, Mohammad bin Salman Al Saud.
According to the prince, the technocratic Eden will be a place for dreamers who want to create entirely new things. For example, it is planned to build a grand bridge connecting the city of the future with Africa.
The project to create the technological city of Neom aims to gradually abandon the raw materials economy and invest in the development of high technologies. Changes should affect all spheres of life in Saudi Arabia, including the banking sector. Changes should create comfortable conditions for the development of business, medicine, high technology.
Following Vision 2030, the Saudi British Bank acquired Alawwal Bank.
Saudi British Bank has a market capitalization of 17.2 billion dollars. It is the third-largest capital bank of the Kingdom of Saudi Arabia. Saudi British Bank shareholders own 73% of the company’s property.
According to the agreement, the Saudi British Bank will cooperate with the investment bank of the United States of America, Goldman Sachs.
The total revenue of the combined bank, Saudi British Bank, is more than 10.7 billion Saudi riyals. Saudi British Bank has more than one million customers. It is the second-largest corporate asset portfolio. The amount of deposit accounts of the merged company is 195 billion riyals; the amount of credit accounts is 168 billion riyals.
On August 5, 2019, shares of the Saudi British Bank were traded at 38,10 riyals. This amount corresponds to a little over 10 dollars.
To buy the shares of the company, register on the Dowmarkets platform, choose to trade with Dowmarkets.сom, Saudi British Bank instruments.
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