Global Finance: Samba named "Best Bank for Risk Management in the Middle East in 2009"
Al Eisa: Strong Risk Management Policies Protect Samba against the Consequences of Global Capital Markets Turmoil
Samba Financial Group has been named "Best Bank for Risk Management in the Middle East in 2009" by Global Finance Magazine, in the context of its annual Treasury and Cash Management Awards. Samba was chosen for the award by a panel consisting of the magazines' editors, with input from industry analysts, corporate executives and consultants. Various subjective and objective criteria were used to select the winners. Key factors considered included: profitability; market share and reach; customer service; competitive pricing; product innovation; and the extent to which treasury and cash management banks have successfully differentiated themselves from their competitors around core treasury and cash management service provision.
Mr. Eisa M. Al Eisa, Managing Director and Chief Executive Officer of Samba Financial Group noted that this accolade demonstrates once again the strength of the Bank's treasury and cash management performance. It also follows previous awards in this arena, such as "Best FX Bank in Saudi Arabia", also received from Global Finance Magazine and awarded for three consecutive years, as well as "Best Treasury Bank" from Euromoney Magazine, and many others.
"This accolade is particularly significant, as it comes amidst the financial and economic crisis, which has gripped economies around the world. The award reflects the efficiency of our risk management polices and practices, which enable us to overcome these difficult times and achieve a balanced performance, as shown in our 2008 balance sheet. This allows us to constantly improve our ability to lead the Saudi banking sector and support the national economy" commented Al Eisa.
He credited the accolade to the Bank's staff, and commended them for their professionalism, dedication and valuable contribution to the continuing success of the Bank and its consistent commitment to the highest standards of excellence. "This award also validates Samba's relentless efforts to become a leading industry innovator, designing services based on the evolving needs and aspirations of its clients" Al Eisa added.
Mr. Joseph D. Giarraputo, the publisher of Global Finance Magazine, said: "In today's competitive global economic environment, treasurers need the best tools and advice available to make capital work harder than ever," and added, "Our awards identify the banks and providers of products and services that consistently improve transaction processes to speed collections and reduce risks."
Samba Financial Group won 20 international and local accolades during the course of 2008, including the prestigious "Best Bank in Saudi Arabia" award from three different magazines, Euromoney, Global Finance and EMEA Finance, as well as the "Best Islamic Financial Institution in the GCC Region" award from Global Finance Magazine.