May 2010

The Saudi British Bank (SABB) announced that the Board of Directors has appointed Mr. Zarir J Cama as board member of the bank representing the foreign partner HSBC Holding BV effective from Wednesday 12 Jumad Thani 1431H corresponding to 26 May 2010 in the vacant position following transfer of Mr. Richard Groves.

The Board of Directors of the bank expressed thanks to Mr. Groves for his valuable contributions during the period of his membership and welcomed Mr. Zarir J Cama wishing him every success.

29 May 2010

DAVID DEW, MGD, SABB Takes up Duty

David Dew, Managing Director, The Saudi British Bank (SABB) takes up his duty effective Wednesday 26 May. David was previously the Deputy Chief Executive of HSBC Amanah and Chief of Administration, Global Banking and Markets, Middle East & North Africa for HSBC.

Prior to that, David served as Chief Operating Officer for HSBC Bank USA and Chief Auditor for HSBC North America. Earlier, David gained his firsthand experience in Saudi Arabia and the GCC when he worked as Deputy Managing Director and Chief Operating Officer of The Saudi British Bank from 2001 to 2004. He is a member of the Board of SABB.

“I am very pleased that we have David Dew as Managing Director of SABB.

With his extensive experience, I am quite confident that he will carry on the great heritage of SABB, put our customers at the forefront of everything we do, and lead the Bank into a new era of sustainable growth.” said Fuad Bahrawi, Acting Chairman of SABB.

Mr. Dew received his MA in Economics from the University of Cambridge in the UK. He joined HSBC in 1977. Previously, he held senior positions with HSBC in Singapore, Italy, Oman and UAE.

SABB was incorporated in 1978 as Joint Stock Company. HSBC Group, one of the world’s largest banking and financial services organisations owns 40% of SABB’s shares with the remaining 60% owned by individual and institutional shareholders in Saudi Arabia.

SABB operates through 90 branches and some 500 ATMs in the Kingdom. It is a full financial services group providing services in the areas of Personal Banking, Corporate Banking, Investment Banking, Private Banking, Islamic Banking, Treasury Services, Equity Brokering and Custody, Mutual Funds, and Insurance.

26 May 2010

SABB Wins Top Award From World Bank's IFC

SABB has become the first bank in Saudi Arabia to win one of the most prestigious awards from the World BankGroup’s International Finance Corporation (IFC) in recognition of its commitment to IFC’s programme to support trade flows between developing countries.

SABB’s Deputy Managing Director, Adel Al Nasser, received the award for “The Most Active Confirming Bank in the MENA Region” from Michael Essex, Director of IFC’s Middle east and North Africa Department, at a ceremony at SABB’s head office in Riyadh.

Since June last year, IFC has provided SABB with more than 275 trade finance guarantees which helped support a number of businesses in sectors like chemicals, plastics, and steel import products from Saudi Arabia, helping increase trade flows.

Speaking at the ceremony, Walid Almurshed, IFC’s Country Manager for Saudi Arabia, said: “Support from banks like SABB helps IFC meet its goal of increasing cross-border trade in order to support private sector growth, helping businesses expand. SABB’s contribution to our programme has been remarkable.

“Our work creates jobs in emerging markets, generates tax revenues, improves corporate governance and environmental performance, and contributes to local communities. With the backing of banks like SABB, we can improve lives, especially for the people who most need the benefits of growth”

Adel Al Nasser responded: “The partnership with IFC is proving rewarding from every angle – we help developing businesses and this helps us grow our own business.

“SABB is proud to gain such strong recognition as a major regional player in the trade finance field from one of the world’s most prominent and influential financial institutions. It further demonstrates the important role SABB is playing in structuring complex trade finance solutions.”

Launched in 2005, the IFC Global Trade Finance Program supports trade with emerging markets worldwide, seeking to increase developing countries’ share of trade and promote cross-border flows of goods and services. The program has provided over $7 billion worth of guarantees to 189 issuing banks in 80 countries, and has held 77 training courses reaching 1,775 bankers in over 30 countries.

23 May 2010

SABB’s “Humanitarian Bed” launched at Sultan Bin Abdul-Aziz Humanitarian City (SBAHC)

SABB’s “Humanitarian Bed” has been launched at Sultan Bin Abdul-Aziz Humanitarian City (SBAHC) in line with the strategic partnership between the bank and the City in providing services to the community.

SABB has sponsored the first “Humanitarian Bed” at SBAHC to afford rehabilitation treatment to handicapped children who need such care and to provide educational services designed to assist in restoring health and function to enable the affected children to return safely to their families.

Commenting on the occasion, Mr. Ibrahim Abo-Mouti said: “The participation of SABB in this project is in line with the bank’s firm belief in social responsibility and the need of the society for such humanitarian initiatives which aim at achieving numerous objectives in more than one aspect including primarily providing of medical and rehabilitation treatment programs for children who need such care besides providing financial assistance to their families to ensure their rehabilitation as healthy members of the community”.

Abo-Mouti praised the excellent projects presented by SBAHC which encouraged the bank to establish social partnership with the City meant to introduce humanitarian and social schemes in various fields. Abo-Mouti further expressed his thanks and appreciation to the officials of SBAHC for providing the opportunity to the bank to participate in this project and contribute to its success and for their keenness to enhance mutual cooperation between the two organizations.

19 May 2010