The Saudi British Bank
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| Public | |
| Industry | Finance |
| Founded | 1978 |
| Headquarters | Riyadh, Saudi Arabia |
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Key people
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| Products | Financial Services |
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Number of employees
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5,000+ |
| Website | www |
The Saudi British Bank (Arabic: ساب) (SABB, البنك السعودي البريطاني) is a Saudi Joint Stock Company and is an associated company of the HSBC Group. SABB has a branch in London.
SABB offers services in investment banking, commercial banking, private banking and Islamic banking. SABB Islamic Financial Solutions (Arabic: الحلول المالية الإسلامية), which are part of SABB services, are regulated by the Saudi Arabian Monetary Agency and a Sharia Supervisory Committee. This ensures that SABB Islamic Financial Solutions conforms to strict adherence to principles of Sharia.
The British Bank of Iran and the Middle East, which became British Bank of the Middle East (BBME), opened branches in Jeddah and Al Khobar in 1950. The Jeddah branch in particular depended for its profits on the Hajj, the Muslim pilgrimage to Makkah (Mecca). Hongkong and Shanghai Banking Corporation (HSBC) acquired BBME in 1959. In 1978 HSBC was forced to convert its branches into an affiliate, Saudi British Bank. Ownership became 60% Saudi and 40% HSBC, and HSBC has a technical services agreement with the bank. In August 2011, Fitch Ratings gave SABB's Long-Term Issuer Default Rating (IDR) at “A” with a stable outlook as well as The Viability Rating (VR) has also been affirmed at “A”.
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