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ATM & BranchesFitch Affirms SABB’s Rating
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February 2012
Fitch Ratings, one of the world’s leading rating agencies said it has affirmed Saudi British Bank's (SABB) Long-term local and foreign currencies Issuer Default Ratings (IDRs) at 'A' respectively with Stable Outlooks. Fitch has simultaneously affirmed SABB's Short-term IDR at 'F1', Individual Rating at 'B/C', Support Rating at '1' and Support Rating Floor at 'A'. In its report, Fitch states that SABB's profitability remained sound with lower impairment charges, adequate and improving capitalization, and comfortable liquidity position. The IDRs and Individual rating also consider SABB's strong franchise and the benefits derived from being an associate bank of HSBC Holdings plc, Fitch’s report added.Commenting on the affirmation, David Dew, Managing Director of SABB, said: “We are pleased with Fitch’s rating affirmation and the stable outlook. The affirmation from Fitch is an indication of SABB’s financial strength, strong profitability in a low interest rate environment, prudent risk management and adequate capitalisation".
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© SAB, Saudi Arabia. All Rights Reserved, 2024
Saudi Awwal Bank, a listed joint stock company, incorporated in the Kingdom of Saudi Arabia, with paid in capital of SAR 20,547,945,220, commercial registration certificate 1010025779, unified number 7000018668, Mailing Address: P.O. Box 9084, Riyadh 11413. National Address: 7383 King Fahad Branch Rd, 2338 Al Yasmeen Dist., 13325 Riyadh, Kingdom of Saudi Arabia, Tel. +966 11 4050677, www.sab.com, licensed pursuant to the Council of Ministers Resolution No. 198 dated 06/02/1398H and Royal Decree No. M/4 dated 12/08/1398H, and regulated and supervised by the Saudi Central Bank.