SABB to distribute dividend of SR10

JEDDAH — The Saudi British Bank (SABB) is to distribute an interim dividend of SR10 per share for the first half of this year. This will result in a total gross interim dividend payment of SR526 million before deduction of Zakat, representing an increase of 11.8 per cent over the same period last year, according to Abdullah bin Mohammed Al-Hugail, chairman of SABB.

By From Our Correspondent

Published: Thu 16 Jun 2005, 10:22 AM

Last updated: Thu 2 Apr 2015, 4:44 PM

He said on Monday that the bank's board of directors had approved the distribution of the interim dividend, and added that the decision of the board of directors was within the framework of the bank's plan to pay an interim dividend to enhance shareholders' interests and meet their aspirations.

He said that dividends would be credited on July 16 to the accounts of shareholders on the bank's share registry as on Thursday, July 7, 2005, who maintain accounts with SABB and whose details are available at the share registry.

Shareholders maintaining accounts with other local banks and who have provided details to the share registry would have dividends transferred to their respective accounts. As per Saudi Arabian Monetary Agency (SAMA) instructions, shareholders who have not provided the share registry with updated details and ID numbers should contact share registry or the nearest SABB branch with appropriate identification to update their details using the formats assigned for this purpose, before July 6.

In a related news, SABB's first phase of establishing ladies lounges has been completed with the opening of three lounges at the branches in Kharj, Ras and Tahlia branches in Riyadh. The bank would launch 12 more lounges in the Central, Eastern and Western provinces as part of the first phase of a plan aimed at expanding ladies lounges Kingdomwide. According to Sulaiman Al-Hamdan, deputy managing director of SABB, the project would be completed in phases by 2007.

He explained that 'Customer First Strategy' was the overriding concern of the project that aimed to provide easy access for ladies at every branch of SABB and to expand the framework for distribution of services to all women customers.

"We understand very well the uniqueness of the Saudi society and the best way for delivering our services to the female customers. The lounges will be totally separated from male sections with independent entrances and female staff to assist lady customers," he said. SABB employs the highest per centage of Saudi women staff within the banking sector, and achieved 100 per cent Saudisation in the ladies section, which accounts for 12 per cent of the bank's total staff members.