Banking and financial services sectors in safe hands thanks to robust foundations
Industry players adhere to the strictest international regulations and standards
The banking and financial services sectors have flourished under the watchful eye and steady hand of the Saudi Arabian Monetary Authority (SAMA). As the kingdom’s central bank, SAMA has spearheaded fiscal developments and programmes on behalf of the government for nearly 70 years, with its comprehensive remit including responsibility for maintaining the national currency, supervision of commercial banks, management of foreign exchange reserves, and oversight of monetary policy.
“Cooperation and collaboration have always been the hallmark of the G20,” says Ahmed A. Alkholifey, Governor, SAMA. “During the Saudi presidency of the G20 this year, we believe we have demonstrated this in the most challenging and testing circumstances, and at unprecedented scales with the COVID-19 pandemic. For the last two years, we have licensed foreign branches of reputable international banks that have decided to have a footprint in the kingdom’s financial sector. We are also currently in the process of assessing a few licensing applications to set up domestic conventional and digital-only banks.”
One of the Middle East’s largest and most acclaimed financial services providers with almost $70 billion in total assets, Samba Financial Group boasts an incredibly powerful presence in the national and regional economy. Headed by heavyweight industry executive Rania M. Nashar—named by Forbes for two years running as one of the world’s 100 most powerful women—samba itself has been named the kingdom’s best bank for 14 years in a row by Global Finance magazine.
Last year, Samba was at the forefront of the long-awaited initial public offering (IPO) of Saudi Aramco which went on to break records, an enormously rewarding and proud moment for the financial services giant and its staff. “I see this IPO as another feather in Saudi Arabia’s cap that proves how resilient the kingdom is,” Nashar says. “Leading the world’s largest IPO was a phenomenal achievement and we are immensely proud it was led by two women: Sarah Jammaz Al Suhaimi of NCB Capital and myself. Another exemplary achievement has been the level of growth seen in our corporate bank—we have grown our loan book by over $11 billion, which is 17 percent. The majority of this has been organic growth from deepening existing relationships and acquiring more clients. We are also, once again, the Saudi bank that offers new services first. Digital innovation is one of our strong points but our focus had shifted a little bit— now, we are back on track and the industry is on the lookout for what we do next. At the same time, we are focused on risk management and are growing in a prudent way, being mindful of our obligation to stakeholders, whether they are our owners, regulators or clients.”
“Digital innovation is one of our strong points but our focus had shifted a little bit—now, the industry is on the lookout for what we do next.” Rania M. Nashar, CEO, Samba Financial Group