RIYADH, 1 June 2008 — Eissa Al-Eissa, CEO and managing director of Samba Financial Group, announced yesterday that Samba is in the process of launching a new financial and banking arm in Doha, Qatar, following the issuance of the license to operate there. This is part of the Saudi bank’s plan to expand regionally.
Al-Eissa confirmed that the new license to operate in the Qatari market would strengthen Samba’s capability to implement its expansionary strategy in the regional and international markets. Samba is also preparing to launch services in Dubai. The Qatar Financial Center Regulatory Authority (QFCRA) recently granted authorization to Samba Financial Group to carry on regulated activities in the Qatar Financial Center (QFC).
Phillip Thorpe, QFCRA chairman and chief executive, said there is a high level of interest in the opportunities for growth in Qatar from leading regional financial services companies. He added that these firms have demonstrated a clear commitment to the international standards QFCRA imposes.
“Our aim is to provide a regulatory environment that is attractive to international, regional and domestic institutions and which will lead to Qatari businesses and investors benefiting from having access to a wide range of markets and financial products and services,” said Thorpe. “We now have 81 financial institutions licensed under the QFC umbrella ... we are confident that this growth trend will continue at the present rate”.
Samba Financial Group is one of the largest banking institutions in the Saudi and regional markets. Samba has topped banks working in the Middle East, particularly during the last few years. Samba took over the majority share in Crescent Bank of Pakistan in 2007. Samba has also made inroads in the United Kingdom.