At the same time, SABB's ratings are affirmed as follows:
Long-term foreign currency IDR: affirmed at 'A'; Stable Outlook
Short-term foreign currency IDR: affirmed at 'F1'
Individual rating: affirmed at 'B'
Support rating: affirmed at '1'
Support Rating Floor: affirmed at 'A-' (A minus)
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Fitch rates SABB's debut Saudi Riyal FRNs 'A'
- Saudi Arabia: Saturday, July 12 - 2008 at 09:37
- PRESS RELEASE
Fitch Ratings has today assigned Saudi British Bank (SABB) a Long term local currency Issuer Default rating (IDR) of 'A', and its debut Saudi Riyal-denominated floating-rate notes due 2013 an expected Long-term local currency rating of 'A'.
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SABB was established in 1978 to take over the Saudi Arabian operations of the British Bank of the Middle East (established in Saudi Arabia in 1950). HSBC (through HSBC Holdings BV) holds 40% of SABB's shares. The bank has access to the resources, expertise and international network of the HSBC Group, and benefits from a technical services agreement (renewed in 2007 for a further five years) with them.Products are provided in both Islamic and conventional form, with Islamic products, under the Amanah brand, targeted at both personal and corporate customers. The bank is developing into a financial services group through its joint ventures with HSBC in investment banking (HSBC Saudi Arabia) and insurance (SABB Takaful). It has recently formed a wholly-owned subsidiary, SABB Securities Limited, to handle its brokerage and custody businesses.
Posted by Eman HassanSaturday, July 12 - 2008 at 09:37 UAE local time (GMT+4)
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