Moody's upgraded Samba's rating to Aa3 with Stable Outlook
Mr. Eisa M. Al-Eisa, Chairman of Samba Financial Group, said that Moody's, the international credit rating agency, has raised Samba's rating from A1 to Aa3, with Stable Outlook on all ratings, which signifies the high quality of Samba's assets and strong financial performance.
"The high ratings of Samba from different International credit rating agencies reflect the stability of the Bank that provides for boosting its financial conditions, securing its capital base against financial turmoil, helping it achieve consistent and steady growth and supporting its role in the development of enabling environment for banking industry" Al-Eisa was quoted as saying.
"The principal methodologies used by Moody's in rating Samba (i.e. financial strength and incorporation of joint default analysis), as well as other performance-related factors ascertains the quality of the banking and credit standards adopted by the Bank in its financial and investment activities, which elevated the Bank to rank on top of the most advanced and growing banks in the region", the Chairman said, and added "we have managed to adopt leading practices and criteria that enable us maintain our growth rates, gain high reputation locally and regionally and reinforce the stability of the Bank's capital base, the wide reach of its banking and investment activities with full confidence despite the complications facing the financial and banking industry".
It is worth mentioning that Samba financial Group has received 19 different international accolades in 2009, including being named as "Best Emerging Market Bank in Saudi Arabia", "Best Investment bank in Saudi Arabia and the Middle East", "Best Foreign Exchange Bank in Saudi Arabia, "Best "Corporate/ Institutional Internet Bank in Saudi Arabia", and "Best Bank for Risk Management in the Middle East" from Global Finance. Sambacapital has been also named "Best Equities Deal of the Year in the Middle East (Inma Bank (IPO)" from The Banker, and Samba Dubai has been named "Best New Bank in UAE from emeafinace.