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Samba Bank’s Dubai Branch Opens

Staff Report / 12 November 2008

DUBAI - Saudi Arabia-based Samba Bank has officially opened its branch in Dubai, thus marking it the first Saudi bank to establish a full presence in the United Arab Emirates.

The Dubai branch will offer a wide range of financial products from customers banking to corporate finance, investment advice and private banking. Samba considers Dubai as a key international footprint for its operations and participation in the high growth markets across the GCC and larger Middle East region.

The Dubai branch is part of Samba’s expansion plan and it also anticipates operating one in Qatar very soon, according to a Press release.

Shaikh Maktoum bin Mohammad bin Rashid Al Maktoum, Deputy Ruler of Dubai, inaugurated Samba Financial Group’s new head office in Dubai.

Eisa Al Eisa, MD and CEO of Samba Financial Group, unveiled Samba’s long-standing vision to establish a full presence in the UAE, inspired by the unprecedented growth and exciting opportunities in the Emirates market.

Al Eisa also praised the strong ties between the UAE and Saudi Arabia as cross-border trade continues to grow especially in travel and tourism, real estate, manufacturing and trading.

He cited the increasing number of Emirati firms expanding into Saudi Arabia as well as Saudi companies expanding into the UAE. Referring to the global financial crisis, Al Eisa said that Samba have always practised robust credit control processes.

“This, along with a prudent and diligent investment selection criteria and, most importantly, a very pro-active portfolio monitoring process  - all these have minimised the impact of the current global market turmoil to Samba Financial Group, a fact easily verified from our latest financial statement as of September 30, 2008,” disclosed Al Eisa.

With our premier standing in the industry, we are entering the UAE banking sector with great confidence.

This is amply reflected in the ratings upgrades we have received from international rating agencies including Capital Intelligence, Moody’s and Fitch Ratings which recently upgraded Samba’s Long-Term Issuer Default Rating (IDR) to A+ from A, said Al Eisa.

The event was attended among others key UAE dignitaries as well as members of the business community.

williamfaria@khaleejtimes.com

 
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