According to Fitch, this rating reflects SABB's continuing strong profitability and improving asset quality. The bank benefits from a conservative approach to risks, low-cost funding, satisfactory capitalisation and its strong brand. It also gains from the systems and expertise of the HSBC Group in developing its systems and services.
John Richards, Chief Operating Officer of SABB said, "this rating not only emphasises the bank's sound financial status and performance in the market, but also stresses its ability to offer a comprehensive series of quality services which aim to meet the requirements of its customers and well establishes its innovative strategy".
He added, "The achievement of such rating reflects the strength of the Saudi economy in general and of the banking sector in particular, under the guidance of The Saudi Arabian Monetary Agency (SAMA).
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The Saudi British Bank obtains the highest credit rating amongst local banks
- Saudi Arabia: Monday, August 29 - 2005 at 10:11
- PRESS RELEASE
Fitch Ratings, the international rating agency, has upgraded SABB's Long-term rating to 'A' which is considered the highest credit rating amongst Local Banks.
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Posted by Anne-Birte Stensgaard, Senior News EditorMonday, August 29 - 2005 at 10:11 UAE local time (GMT+4)
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