Samba Financial Group (Samba) has become the first Saudi bank to establish a full presence in the United Arab Emirates. The launch ceremony was held at the new Samba Dubai head office, inaugurated by His Royal Highness Sheikh Maktoom Bin Mohammad Bin Rashid Al Maktoom, Deputy Ruler of Dubai, followed by a gala dinner at Burj Al-Arab Hotel. Eisa Al-Eisa, managing director and CEO of Samba, said “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 ratings agencies including Capital Intelligence, Moody's and Fitch Ratings which recently upgraded Samba's Long-Term Issuer Default Rating (IDR) to A+ from A. “Having secured our ‘house' in Saudi Arabia, we have been moving forward with our vision to expand Samba's presence internationally. In 2007, we acquired a majority stake in Crescent Commercial Bank of Pakistan, now a fully integrated member of the Samba group. Next year, we will be on-the-ground in Qatar, thanks to the Qatari authorities who have granted us a license to operate in their brotherly state. Indeed, we are committed to forge ahead with our vision to reach beyond the borders of Saudi Arabia.” Samba Financial Group will operate as a full-service bank in the UAE, offering a comprehensive range of services including Corporate & Investment Banking, Retail Banking, Private Banking, Treasury and Wealth Management. “We will build a local business for each of these services,” said Al-Eisa, “guided by growth which is built on very robust credit control and compliance processes.” Al-Eisa said “in retail banking, we have already launched our credit card and personal loan products and created a number of innovative liability products. We aim to offer products designed to suit the local banking needs of the UAE market. We are confident of becoming a significant player in corporate finance and traditional corporate banking products. Indeed, we see a huge opportunity in our ability to provide best-in-class treasury and investment solutions for this customer base. We are known for our passion to deliver superior customer service.”
