Samba is first Saudi bank to operate in UAE

Samba Financial Group will operate as a full-service bank in the UAE, offering a comprehensive range of services including corporate and investment banking, retail banking, private banking as well as treasury and wealth management, a senior executive said yesterday.

Sheikh Maktoum bin Mohammad bin Rashid Al Maktoum, Deputy Ruler of Dubai, and Eisa Al Eisa, Managing Director and CEO of Samba Financial Group, formally inaugurated the new Samba branch in Dubai, making Samba the first Saudi bank to establish a full presence in the UAE.

Al Eisa thanked His Highness Sheikh Mohammad bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, for granting Samba the opportunity to operate in this "very important and promising" market.

Al Eisa said Samba had a long-standing vision to establish a full presence in the UAE, "inspired by the unprecedented growth and exciting opportunities" in the market. He expressed great pride in seeing this vision finally fulfilled.

He cited the increasing number of Emirati firms expanding into Saudi as well as Saudi companies expanding into the UAE, stressing that there commercial ties will need banking services and facilities.

"In retail banking, we have already launched our credit card and personal loan products and created a number of innovative liability products. We aim to offer products designed to suit the local banking needs of the UAE market. In corporate banking, we are confident of becoming a significant player in corporate finance and traditional corporate banking products. We see a huge opportunity in our ability to provide best-in-class treasury and investment solutions for this customer base," Al Eisa said.