Samba named best financial institution for governance, risk management and compliance
Samba reaffirmed its prominence as "Best Bank in Saudi Arabia in 2013" and one of the safest banks in the world
Samba Financial Group reaffirmed its supremacy as a leading banking institution on a local, regional and international level, maintaining its position as the best bank in the Kingdom of Saudi Arabia in 2013 for the eighth consecutive year. The findings were announced in an annual survey conducted by "Global Finance", an international publication specialised in banking and financial industry, to assess the best banks operating in the emerging markets in the Middle East. Samba has once again provided the high standards and consistency to clients, in-line with international best practice.
In its assessment, Global Finance magazine, an internationally renowned publication known for its objectivity and professionalism, audits a panel of international finance experts, analysts, senior executives and financial and banking consultants, to measure a series of criteria that relate to the performance of banking institutions covered by the survey. Such criteria relate to indicators of growth in assets, profitability ratios, strategic relations, competitiveness, innovative products, as well as the level of customer service. The winning institutions outlined in the survey have showed significant superiority in the extent of their ability to respond to the growing needs of customers.
For the fourth year in a row, Samba has also maintained its presence on "Global Finance" magazine's list of the safest 50 banks in the world for the year 2013.The assessment affirms Samba's position as being the exclusive bank of choice in Saudi Arabia, positioned as the 43rd safest bank globally and fourth regionally in the Middle East. This ranking measures the long-term creditworthiness of the top 500 banks around the world, in line with the credit ratings given by reputable international credit rating agencies such as Standard & Poor's, Capital Intelligence, Moody's and Fitch., This data is then combined together with an assessment of total assets, efficiency of risk management standards, and the outlook for the performance of such institutions to make up the list.
These awards add to Samba Financial Group other recent recognitions received by the group earlier this year. Recently, Samba was ranked 156th globally and seventh regionally in the list of the most powerful 500 brands in the world in 2012 according to the classification by "Global Finance". Samba was viewed as having ongoing ability to strengthen its presence as a leading and reliable banking institution thanks to the quality of its banking services, supremacy of its products, remarkable resilience and flexibility in responding to customer needs which is comparable to international standards.
Samba was also named "Best Financial Institution in 2012 in Governance, Risk Management and Compliance", during the fourth International Conference and Exhibition for governance, risk management, compliance standards and financial crime, organised recently in Dubai by the "Allied Compliance Consultants". The award recognised Samba's sound banking practices in the field of corporate governance and adoption of the highest optimal professional standards and practices, which enhances the Bank's ability to protect the rights of shareholders and enhance confidence in its efficient standards by consulting firms and credit agencies.
Commenting on the awards received during the year, Samba Financial Group indicated that the continued attainment of awards and recognition since the beginning of this year represents a natural continuation of the many awards won by the group in recognition of its outstanding performance, efficiency of its services and the international standards adopted by Samba in order to provide exceptional level of services, giving customers added value and unsurpassed dimensions of excellence.
Samba added that these awards and recognitions are a testimony to Samba's high competencies in its professional practices that makes it a target for appreciation, recognition and trust of international rating firms thanks to its deep strategic vision, its eagerness to adopt innovative policies, unwavering commitment to support its capital base, emphasis on the strength of its assets, quality of its tools and investments, as well as its continuation to upgrade its services and its continued pursuit of quality to help satisfy its clients and achieve their desired loyalty.