The Saudi American Bank (SAMBA) recently announced it achieved a 12.3 percent net profit rise in 2001, totaling 2.25 billion Saudi Riyals ($600 million) compared to a net profit of two billion Saudi Riyals ($535 million) in 2000, confirmed a bank statement.
SAMBA was formed in 1980 to replace existing branches of Citibank in Riyadh and Jeddah. In July 1999 SAMBA merged with United Saudi Bank by an exchange of shares, to form one on the largest Banks in the Middle East. The bank offers its individual and corporate customers a wide range of services, from credit cards to syndicated loans through investments and treasury products.
SAMBA is still managed by Citibank under a regularly renewed technical management agreement providing that Citibank seconds key staff and provides technical support. Citigroup is SAMBA’s largest shareholder, holding a 23 percent stake. — (menareport.com)
© 2002 Mena Report (www.menareport.com)
