Samba named Best Bank in Saudi Arabia by Euromoney
Samba has been named "Best Bank in Saudi Arabia" by pre-eminent international finance magazine Euromoney. The award was presented, among others, at the 2006 Euromoney Awards for Excellence Middle East Dinner. Euromoney noted that "After only two years under local management, following the departure of Citigroup, Samba is now in its strongest ever position in an increasingly competitive local market and is a clear winner of the Best Bank in Saudi Arabia". Euromoney was also very impressed with the bank's commitment to technology citing the fact that, "There has been a significant investment in technology which has enabled the bank to use this as a major competitive strength."
Mr. Eisa Al-Eisa, Samba Managing Director & CEO commented on the event saying that the award is another link in the long chain of awards won by Samba over the years, reflecting the Bank's high standard of performance, global reputation and competitive edge in all banking activities and practices. It also signifies Samba's Local Management ability to maintain and promote achievements, adding another track record to our history. Mr. Al-Eisa added "Such an achievement will constitute a driving force to proceed further in our development strategy which positioned Samba as the first choice for customers". Mr. Al-Eisa extended his deep thanks and gratitude to Samba customers for their trust and Samba staff for their dedication, professional efforts and endeavors for excellence.
The Euromoney Awards for Excellence are regarded as the benchmark awards for financial services globally.
This year's awards process, which began in April, attracted over 100 submissions from the region's banks and brokerage houses competing for the prestigious awards that Euromoney presented. Euromoney has dedicated a research team and awards panel, then rated all the submissions on both quantitative and qualitative factors such as KPI's, financial ratios, deal volume and innovation over the previous 12 month period to decide the award winners.
"The growth in innovation and the sophistication of the Middle East is one of the most exciting growth areas of the international capital markets". said Euromoney Magazine.