Samba Financial leads the way
The award-winning banking giant has set its sights on exciting new markets
When the business world watched the high-profile launch of oil giant Aramco’s long-awaited IPO in late 2019, it was no surprise to see the lead manager of the project was national banking titan Samba Financial Group.
One of the kingdom’s most successful companies with a strong, visible footprint in international markets, Samba has grown from a premier bank into an international financial services entity. The firm’s increasing presence in the Middle East, Europe and South Asia includes branches in Dubai and Pakistan. International growth is a vital part of Samba’s vision as it seeks to bring its brand of world class banking services to more customers.
As a leader in pioneering innovative banking services and products, Samba’s outstanding reputation is complemented by its a broad range of accounts and investment portfolios. Frequently named the best bank in Saudi Arabia, such unparalleled consistency shows Samba’s enduring commitment to excellence, an unwavering commitment inspired by the trust and confidence of its investment, business and personal banking customers.
In another first, the dynamic company was proud to appoint the banking sector’s first ever female CEO, with Rania M. Nashar generating record profits in her first full year at the helm. “At Samba, if you have the talent and drive, ‘the sky’s the limit’, and I’m an example of that,” explains Nashar, adding she worked her way up to the top position over two decades.
“What I like about Vision 2030—and I don’t see this in many other countries—is the government and the ministries have key performance indicators (KPIS). Leaders are appraised on their performance similar to CEOS of companies. Now the country’s public sector is growing at a faster rate than the private sector, which is really challenging for us. When we look at e-government and what the government offers, it’s amazing.
“The financial sector is one of the main contributors to enhancing public-private partnerships (PPPS), one of the goals of Vision 2030. Banks are becoming more innovative and creative; they’re tapping sectors that were previously unbankable. They’re creating solutions and working hand-in-hand with the government, and the achievements the sector contributed to are significant. For instance, in the housing industry, banks have partnered with the Real Estate Development Fund (REDF) and the Ministry of Housing. In just a year, more than 100,000 loans have been approved.”
Vision 2030’s green light for growth generates many winners
Nashar is highly satisfied with the kingdom’s progress towards its many Vision 2030 goals, comparing the nation’s journey to tense drivers at the start of a race who once the lights turn green accelerate ahead with everything they have: “We are running in one direction, towards one vision, and a shared future.” While some companies would be delighted with its enviable track record of success, Samba is well aware of the need to invest in state-of-the-art systems, including financial technology (Fintech) like Blockchain, and the development of the kingdom’s talented workforce to stay ahead of its rivals, both regionally and internationally.
“We also have a partnership with Monshaat, the authority for the small and medium enterprises (SME) sector,” Nashar adds. “Banks create products and services that support SMES, a key driver of the economy. Since our inception, Samba has played a major role in the modern transformation of banking in Saudi Arabia. Our world-class services, market-leading products and superior technology make us a very successful financial services brand, and the most internationally acclaimed bank in the region.”
Approaching its 70th birthday in fine shape courtesy of a winning strategy focused on extensive retail and investment operations, prudent management of asset quality, and diligent cost control, the National Commercial Bank
Our world-class services, market-leading products and superior technology make us a very successful financial services brand. Rania M. Nashar, CEO, Samba Financial Group
(NCB) is the largest commercial bank in the kingdom. An industry pioneer, NCB’S esteemed history is built on a series of firsts: it was the first Saudi bank to launch a mutual fund product, the first to introduce credit cards, the first to operate an ATM, the first to introduce students savings schemes, and the first to open women-only branches. Given its strong legacy and impressive evolution into the premier financial services provider, NCB boasts large assets, financing and deposits, and enjoys healthy capital and liquidity ratios, underpinned by a diversified business model. The award-winning operator has the scale to enable the transformation of the Saudi economy and is the ideal platform to partner with international firms and investors for mutually-beneficial alliances.
New chapters being crafted in incredible transformation story
“Saudi Arabia is the natural financial hub in the region. It’s the largest economy in the Middle East, a member of the G20 and a strong regional and international investor,” states Faisal O. Al Saggaf, CEO of NCB. “We have recently seen several measures introduced by the government to improve the regulatory framework and attract foreign investors, which paves the way for further expansion and growth. The country has embarked on a great transformation story and there are tremendous growth and investment opportunities for investors, businesses and private sectors in what will be a sustainable growth story for many years to come.”
With paid-up capital of $8 billion, NCB also owns premier investment house and arm NCB Capital, and is the majority shareholder of Türkiye Finans Katılım Bankası (TFKB), the leading participation bank in Turkey. NCB is also a huge investor in Saudi citizens, with its workforce overwhelmingly comprised of local employees. “We focus on homegrown talent and have a very strong youth development program,” Al Saggaf adds. “We will continue to develop this because banks, ultimately, are only as good as their people. I want my legacy to be a great talent base that is highly motivated, highly effective, customer focused, and driven to achieve success and deliver great returns to our shareholders.”
Another major source of pride for the senior executive and his management team is the company’s strong commitment to corporate social responsibility (CSR) across its extensive branch network, many offices, and other front-end and back-end operations. “CSR not only allows us to give back to the community, but to engage our employees and give them the opportunity to contribute on a personal level, which instills a sense of belonging to the organization,” he explains.
“Our productive families program is designed for women and run by women. We train women who wish to start their business and through the micro-financing program help them start and grow their sustainable business, and sell their products.”