Saudi British Bank

SABB
سـاب
Public
Industry Finance
Founded 1978
Headquarters Riyadh, Saudi Arabia
Key people
Products Financial Services
IncreaseSAR1,883 million (2010)
Number of employees
 5,000+
Website www.sabb.com

The Saudi British Bank (SABB) (Arabic: ساب‎ البنك السعودي البريطاني) is a Saudi Joint Stock Company and is an associated company of the HSBC Group.[1] SABB has a branch in London.

Services

SABB offers services in investment banking, commercial banking, private banking and Islamic banking. SABB Islamic Financial Solutions (Arabic: الحلول المالية الإسلامية), which are part of SABB services, are regulated by the Saudi Arabian Monetary Agency and a Sharia Supervisory Committee. This ensures that SABB Islamic Financial Solutions conforms to strict adherence to principles of Sharia.

History

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). Hongkong and Shanghai Banking Corporation (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.[2] 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”.[3]

2018 Merger with Saudi British Bank

On 4 October 2018 Arab News reported that the Alawwal Bank and the Saudi British Bank (SABB) are about to become one with a merger proposal from both sides in order to create Saudi Arabia's third largest bank[4].

See also

References

  1. ↑ "Saudi British Bank (SABB)". relbanks.com. Retrieved 14 April 2012.
  2. ↑ Tschoegl, Adrian E. (2002). "Foreign banks in Saudi Arabia: a brief history" (PDF). Transnational Corporations. 2 (11): 123–154. Retrieved April 22, 2012.
  3. ↑ "Fitch affirms SABB rating - Arab News". arabnews.com. 2011. Retrieved 25 August 2011. Long-Term Issuer Default Rating (IDR) at “A” with a stable outlook. The Viability Rating (VR) has also been affirmed at “a”.
  4. ↑ "Saudi British Bank and Alawwal set to create Kingdom's third biggest bank". Arab News. 2018-10-04. Retrieved 2018-10-04.
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