Samba is the most highly rated and secure bank in Saudi Arabia
Al Eisa: Capital Intelligence adds 'Positive' outlook and affirms Samba's AA- rating
Capital Intelligence (CI), the international credit rating agency, has affirmed Samba Financial Group's'AA-' rating, and changed the outlook from 'Stable' to 'Positive'. With this move, the Group has maintained its position as the most highly rated bank in Saudi Arabia by the major international rating agencies.
Capital Intelligence's ratings are underpinned by Samba's sector leading capital ratios and its strong overall liquidity. CI upgraded Samba's outlook to 'Positive' due to its prudent policies regarding market instability, and this has enabled the bank to achieve sustained growth and enhanced performance in its core activities. CI sees Samba as being capable of achieving even higher ratings and at year-end 2010, Samba ranked as the Kingdom's second-largest bank with total assets of SR187 billion, and a market share of about 14%.
Mr. Eisa M. Al Eisa, Chairman of Samba Financial Group, said, "Maintaining such a high rating with a positive outlook from such a prominent international rating agency is a testament to Samba's stature and leading position which has enabled it to be the most highly rated Saudi bank". The Chairman stressed that CI's new rating added to the previous distinguished credit ratings awarded to Samba in 2010 and 2011, confirming the steady confidence in the Group's prudent policies and ability to effectively manage business segments to achieve steady growth. It also underlines the bank's ability to meet market challenges and provide adequate immunity from market risks, and thus further strengthening its financial position and capital base.
Al Eisa pointed out that Samba is keen to proceed with the implementation of policies that protect its exemplary credit record and leading position within the Saudi banking sector, whilst continuing to promote confidence in its performance from international credit ratings agencies as one of the fastest growing and most prosperous banking and financial institutions. "Standard & Poor's" had earlier raised Samba's credit rating to A+ and "Moody's" also raised its credit rating to Aa3 from A+. Samba was also ranked as the most secure bank in Saudi Arabia.
Samba Financial Group's rating upgrade by Capital Intelligence coincides with the award of "Best Bank in Saudi Arabia" in 2011, for the sixth year in a row, by Global Finance. Added to this, Sambacapital recently received awards: "Best Investment Bank in the Middle East" and" Best Equity Bank in the Middle East" by Global Finance, and "Best Investment Bank in Saudi Arabia" by Emeafinance.