Samba (bank)
| File:Samba logo.png | |
| SAMBA | |
| Formerly | The Saudi American Bank Samba Bank |
| Company type | Public |
| Template:Saudi Stock Exchange | |
| ISIN | SA0007879097 |
| Industry | Financial services |
| Founded | 12 February 1980 |
| Defunct | 1 April 2021 |
| Fate | Merged with Saudi National Bank |
| Headquarters | Riyadh, Saudi Arabia |
Number of locations | 72 Branch 534 ATMs |
Key people | Ammar Abdulwahed Alkhudairy (Chairman) Rania Nashar (Managing Director and CEO) |
| 2,195,238 SAR (30 September 2019) | |
| Total assets | 237,341,834 SAR (30 September 2019) |
| Total equity | 44,576,646 SAR (30 September 2019) |
| Website | https://www.samba.com/en/personal-banking/index.aspx (defunct) |
Samba Financial Group SJSC, previously recognized as The Saudi American Bank, was a multinational banking enterprise headquartered in Saudi Arabia. The bank operated a network of 66 branches across the country.
On 1 April 2021, Samba combined operations with NCB, resulting in the creation of the Saudi National Bank.
History
Samba was established on 12 February 1980 by acquiring Citibank’s branches located in Jeddah and Riyadh, aligning with Saudi regulations mandating majority local ownership for foreign banks. Under a Technical Management Agreement, Citigroup oversaw the bank’s operations. During the 1990s, former Pakistani Prime Minister Shaukat Aziz held the position of Managing Director.
Prior to forming Samba, Citibank had opened its Jeddah branch in 1955 and Riyadh branch in 1966. The formation of Samba was in response to a Royal Decree requiring foreign banks to restructure ownership. The bank briefly extended its presence internationally with branches in Istanbul (which closed after 1994), a subsidiary in Geneva, a representative office in Beirut, and a branch in London.
In July 1999, Samba merged with United Saudi Bank, elevating it to one of the largest banking entities in the Middle East. Before this merger, Citibank owned a 30% share which decreased to 23% afterward. Additionally, significant shares were acquired by the Kingdom Holding Company, owned by Prince Al-Waleed bin Talal, through United Saudi Bank.
Following Citibank’s complete exit from Saudi Arabia by divesting its remaining shares in 2004, the bank adopted the name Samba Financial Group in 2003. This rebranding anticipated forthcoming regulatory changes impacting foreign banking institutions and reflected geopolitical dynamics. Under the leadership of General Manager Akhtar Aalam, Samba was among the pioneers in implementing fast international money transfer services.
In March 2007, Samba secured majority ownership with a 68% stake in Crescent Commercial Bank Limited (CCBL) based in Pakistan, subsequently rebranding it as Samba Bank Pakistan. CCBL operates through a network of 37 branches nationwide and has plans for further growth.
The bank continued its regional expansion by launching its first integrated branch in Dubai in June 2008 and establishing a branch office in Doha, Qatar by 2010.
By 2011, Samba was ranked as the fourth safest bank within the Middle East region, reflecting its robust financial position.
In a landmark appointment in 2017, Rania Nashar became CEO, making her the first woman to lead a publicly listed commercial bank in Saudi Arabia.
The merger concluded in 2022 between Samba and National Commercial Bank resulted in forming Saudi Arabia’s largest banking institution.
Global operations
The company maintains an international footprint with offices located in London, Doha, and Dubai, as well as a subsidiary managing 40 branches throughout key urban centers in Pakistan. Established in 1955, the firm experienced partial nationalization by the Saudi government. In 1980, Citibank acquired a 40% share but fully exited its investment by 2004.
NCB Samba Merger
Samba and NCB completed a merger valued at $15.3 billion, resulting in the formation of the third-largest bank in the Arabian Gulf region, following Qatar National Bank and First Abu Dhabi Bank. This merged institution, known as Saudi National Bank (SNB), was launched in April 2021.
Although Samba's branding continues to be used internationally, within Saudi Arabia all branding associated with Samba and NCB has been consolidated under SNB.
See also
External links
- Samba Official Website (Dubai)
- Samba Official Website (Pakistan)
- 1980 establishments in Saudi Arabia
- 2021 disestablishments in Saudi Arabia
- Companies listed on Tadawul
- Banks of Saudi Arabia
- Companies based in Riyadh
- Banks established in 1980
- Banks disestablished in 2021
- Multinational companies headquartered in Saudi Arabia
- Saudi Arabian companies established in 1980
- Saudi Arabian companies disestablished in 2021