The Saudi American Bank (SAMBA) has recently issued a new credit card, called Platinum Mastercard, reported Al-Sharq Al-Awsat. This new Platinum Mastercard enables cash withdrawal from more than 500,000 ATMs. The services available for payment through this credit card include insurance, travel, leisure activities, vacations, restaurants and others.
SAMBA was formed originally with the purpose of taking over the existing branches of Citibank, N.A. in Riyadh and Jeddah, opening for business in 1980. The bank is still managed by Citibank, which is its largest shareholder, holding 23 percent of its shares. In July 1999, SAMBA merged with the United Saudi Bank by an exchange of shares, forming one of the largest banks in the Middle East. –(Albawaba-MEBG)
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