Saudi Arabia-based Samba Bank will officially inaugurate its branch in Dubai today. The branch came as part of the bank's expansion plan as it has renovated its branch in London and opened a new branch in Pakistan. Samba also obtained a licence to operate in Qatar and will open its branch there very soon.
The Dubai branch will offer a wide range of financial products from customers banking to corporate finance, investment advice and private banking.
Samba considers Dubai as a key international footprint for its operations and participation in the high growth markets across the GCC and larger Middle East region.
Fitch Ratings has recently upgraded Samba's long-term issuer default rating (IDR) to A+ from A with stable outlook, which is one of the highest among the banks in Saudi Arabia.
Samba has posted net profits of 1.22 billion Saudi riyals during the second quarter of 2008, up by two per cent over the first quarter of 2008. The net profits of the first half 2008, ending on June 30, 2008, stand at SR2.42bn, lower by 5.6 per cent compared to net profits of the first half 2007. Samba's assets grew by 42.2 per cent to SR184bn.