Newsweek - USA (2020-11-27)

SAUDI ARABIA

http://www.country-reports.net^3

The banking and financial services sectors have

flourished under the watchful eye and steady

hand of the Saudi Arabian Monetary Author-

ity (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 commer-

cial banks, management of foreign exchange

reserves, and oversight of monetary policy.

“Cooperation and collaboration have al-

ways 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 al-

most $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 run-

ning 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.”

Banking and financial services sectors in

safe hands thanks to robust foundations

Industry players adhere to the strictest international regulations and standards

Rania M. Nashar

CEO, Samba

Financial Group

Sarah Jammaz Al

Suhaimi

CEO, NCB Capital

CONTENT FROM COUNTRY REPORTS

“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