News 2008

June 2008

The First Saudi Bank to Operate in UAE

The First Saudi Bank to Operate in UAE, Samba Opens its First Branch in Dubai

Al Eisa: Samba Dubai Embodies our Regional Expansion Strategy

Mr. Eisa M. Al Eisa, Managing Director and CEO of Samba Financial Group, announced the launch of Samba's first integrated branch in Dubai, the first Saudi Bank to operate in UAE. Al Eisa commented on the occasion: "Samba Dubai embodies our regional expansion strategy. We scrutinize and study carefully and thoroughly all promising opportunities as we did when we opened Samba London Branch and acquired the majority share in Crescent Commercial Bank of Pakistan, which undoubtedly were successful steps in the right direction". About the rationale of choosing Dubai to open Samba's first GCC branch, Al Eisa said "Dubai is one of the region's most developing and growing cities, which necessitates advanced banking services that cater to the retail and corporate banking requirements. Furthermore, Samba is known for its ambitious initiatives in providing the most innovative and advanced banking services, which qualify it to become the mostly acclaimed bank by the international independent rating agencies. We are confident that we can compete efficiently in the new market".

Al Eisa pointed out that the license granted to Samba allows it to operate in all UAE areas through its licensed Dubai Branch, and he expressed his deep thanks and appreciation to the Central Bank of the UAE and all concerned authorities in the UAE for their trust in Samba and granting it the opportunity to provide its world-class banking services in this very important GCC market.

It is worth mentioning that Samba is the only Saudi bank that provides integrated banking services in UAE market including Retail Banking, Priority Banking (including Samba Gold and Samba Diamond), Private Banking, Investment Banking, Treasury, and Corporate Banking services. Samba Dubai will also provide e-banking services, such as Samba Phone, Samba Online, etc. Samba Dubai is located in a convenient location by Jumaira Road, the most subtle district in Dubai. The Branch's architecture is featured with elegant design, which reflects Samba standing and readiness to provide world class banking to its UAE clients.