SABB
Encyclopedia
SABB (The Saudi British Bank, البنك السعودي البريطاني) is an affiliate of the HSBC
Group. SABB has a branch in London.
, commercial banking, private banking
, and Amana Islamic Banking
.
by the Saudi Arabian Monetary Agency
and a Shariah Supervisory Committee. This ensures that Amanah conforms to strict adherence to principles of Sharia
in its Islamic financial products and services.
and Al Khobar in 1950. The Jeddah branch in particular depended for its profits on the Hajj
, the Muslim
pilgrimage to Makkah (Mecca). HSBC acquired BBME in 1959. In 1978 HSBC was forced to convert its branches into an affiliate, Saudi British Bank. Ownership became 60% Saudi and 40% HSBC, and HSBC has a technical services agreement with the bank. In August of 2011, Fitch Ratings
gave SABB's Long-Term Issuer Default Rating (IDR) at “A” with a stable outlook as well as The Viability Rating (VR) has also been affirmed at “A”.
HSBC
HSBC Holdings plc is a global banking and financial services company headquartered in Canary Wharf, London, United Kingdom. it is the world's second-largest banking and financial services group and second-largest public company according to a composite measure by Forbes magazine...
Group. SABB has a branch in London.
Services
SABB offers services in investment bankingInvestment banking
An investment bank is a financial institution that assists individuals, corporations and governments in raising capital by underwriting and/or acting as the client's agent in the issuance of securities...
, commercial banking, private banking
Private banking
Private banking is banking, investment and other financial services provided by banks to private individuals investing sizable assets. The term "private" refers to the customer service being rendered on a more personal basis than in mass-market retail banking, usually via dedicated bank advisers...
, and Amana Islamic Banking
Islamic banking
Islamic banking is banking or banking activity that is consistent with the principles of Islamic law and its practical application through the development of Islamic economics. Sharia prohibits the fixed or floating payment or acceptance of specific interest or fees for loans of money...
.
Amanah Islamic Banking
Amanah Islamic Banking Services (Arabic: الأمانة للخدمات المصرفية الإسلامية), which are part of SABB, are regulatedby the Saudi Arabian Monetary Agency
Saudi Arabian Monetary Agency
The Saudi Arabian Monetary Agency , established in 1952, is the central bank of the Kingdom of Saudi Arabia.- History :Prior to the establishment of the Saudi Monetary Agency, the Saudi Hollandi Bank, a branch of the Netherlands Trading Society acted as a de-facto central bank, keeping the...
and a Shariah Supervisory Committee. This ensures that Amanah conforms to strict adherence to principles of Sharia
Sharia
Sharia law, is the moral code and religious law of Islam. Sharia is derived from two primary sources of Islamic law: the precepts set forth in the Quran, and the example set by the Islamic prophet Muhammad in the Sunnah. Fiqh jurisprudence interprets and extends the application of sharia to...
in its Islamic financial products and services.
History
The British Bank of Iran and the Middle East, which became British Bank of the Middle East (BBME), opened branches in JeddahJeddah
Jeddah, Jiddah, Jidda, or Jedda is a city located on the coast of the Red Sea and is the major urban center of western Saudi Arabia. It is the largest city in Makkah Province, the largest sea port on the Red Sea, and the second largest city in Saudi Arabia after the capital city, Riyadh. The...
and Al Khobar in 1950. The Jeddah branch in particular depended for its profits on the Hajj
Hajj
The Hajj is the pilgrimage to Mecca, Saudi Arabia. It is one of the largest pilgrimages in the world, and is the fifth pillar of Islam, a religious duty that must be carried out at least once in their lifetime by every able-bodied Muslim who can afford to do so...
, the Muslim
Muslim
A Muslim, also spelled Moslem, is an adherent of Islam, a monotheistic, Abrahamic religion based on the Quran, which Muslims consider the verbatim word of God as revealed to prophet Muhammad. "Muslim" is the Arabic term for "submitter" .Muslims believe that God is one and incomparable...
pilgrimage to Makkah (Mecca). HSBC acquired BBME in 1959. In 1978 HSBC was forced to convert its branches into an affiliate, Saudi British Bank. Ownership became 60% Saudi and 40% HSBC, and HSBC has a technical services agreement with the bank. In August of 2011, Fitch Ratings
Fitch Ratings
The Fitch Group is a majority-owned subsidiary of FIMALAC, headquartered in Paris. Fitch Ratings, Fitch Solutions and Algorithmics, are part of the Fitch Group....
gave SABB's Long-Term Issuer Default Rating (IDR) at “A” with a stable outlook as well as The Viability Rating (VR) has also been affirmed at “A”.
Board of directors
- Khaled Suliman Olayan, Chairman
- Fouad Abdulwahab Bahrawi
- Khalid Abdullah Al Molhem
- Sulaiman Abdulkader Al MuhaidibSulaiman Al-MuhaidibSulaiman Abdulkader Al-Muhaidib is a Saudi Arabian Businessman who is the current chairman of A.K Al-Muhaidib & Sons Group of Companies...
- Mohammed Omran AlOmran
- Ahmed Sulaiman Banaja
- Youssef Nasr
- Mukhtar Hussain
- David Dew - Managing Director
- Robin Douglas Jones - Executive Director & Chief Operating Officer
See also
- HSBC Bank Middle EastHSBC Bank Middle EastHSBC Bank Middle East Limited is the largest and most widely represented international bank in the Middle East. The bank has received several awards in various categories.-History:...
- British Arab Commercial BankBritish Arab Commercial BankThe British Arab Commercial Bank Limited , based in London, England, is a wholesale banking institution providing trade and project finance for Arab markets. The bank’s largest single shareholder at 49% is HSBC Bank Middle East, a member of the HSBC Group...
- List of Saudi Arabian companies
- Kingdom of Saudi Arabia