SAMBA posts 65 percent income rise
The Saudi American Bank (SAMBA) posted a net operating income of SR 1.5 billion ($400 million) in the first nine months of 2000, a 56 percent rise, compared with the corresponding period of the previous year.
According to Al-Hayat, the Chairman of the Board of Samba, Abdul-Aziz Al-Quseiby, said that the bank had generated net profits of SR 518 million in the third quarter of 2000, a 3 percent increase compared with the second quarter of the same year.
SAMBA was originally formed in 1980, in order to take control over the Saudi branches of Citibank. Still managed by Citibank, Samba’s largest shareholder is Citigroup, with 23 percent.
Following SAMBA’s 1999 merge with United Saudi Bank, which created one of the largest banks in the Middle East, the new bank is known as “Saudi American”. –(Albawaba-MEBG)