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Samba Financial Group Annual Report 2019 FOCUSED ON A NEW ERA Samba_19_Eng_Review_AW.qxp_Samba_19_Eng_Rev_P. 15/09/2020 09:01 Page 1 Samba Financial Group Annual Report & Accounts 2019 Contents Review 02 A History of Samba 04 Board Members 06 Chairman’s Statement 08 Chief Executive Officer’s Statement 10 Our Locations 13 Business Review 34 Corporate Governance 36 Directors’ Report 56 International Recognition Financial Statements 58 Independent Auditors’ Report 62 Statements of Consolidated Financial Position 63 Statements of Consolidated Income 64 Statements of Consolidated Comprehensive Income 65 Statements of Consolidated Changes in Equity 66 Statements of Consolidated Cash Flows 67 Notes to the Consolidated Financial Statements IBC Branches / Overseas Branches Samba SpeedCash Centres Section Heading 1 Samba_19_Eng_Review_AW.qxp_Samba_19_Eng_Rev_P. 15/09/2020 09:01 Page 1 Samba Financial Group Annual Report & Accounts 2019 The Custodian of the Two Holy Mosques His Royal Highness King Salman Bin Abdulaziz Al Saud Prince Mohammad bin Salman bin Abdulaziz Al Saud Crown Prince, Deputy Premier, Minister of Defence Section Heading 01 Samba_19_Eng_Review_AW.qxp_Samba_19_Eng_Rev_P. 15/09/2020 09:01 Page 2 Samba Financial Group Annual Report & Accounts 2019 A History of Samba: 1955-2019 1980 1999 Citibank Saudi Arabia moves to Samba Financial Group merges with majority local ownership and becomes United Saudi Bank, creating one of the Saudi American Bank. largest financial institutions in the Middle East. 1955 1984 Citibank opens its first branch in Jeddah. Samba Financial Group opens its first It opens another branch in Riyadh in 1966. overseas branch in London. Samba Financial Group - formerly Saudi American Bank - was The new entity entered into a technical management agreement Samba moved to full local management on 31 October 2003. An incorporated by royal decree number M/3 on 12 February 1980. It with Citibank, under which Citibank agreed to manage Samba’s Extraordinary Shareholders’ Meeting, held on 14 December 2003, was formed to take over the two branches of Citibank N.A. in Jeddah operations. Citibank seconded staff to the new bank and provided adopted the name “Samba Financial Group”. and Riyadh, which were opened in 1955 and 1966 respectively. technical support. It was not eligible to receive any compensation for the service (other than its entitlement as a shareholder) apart On 9 March 2005, the Extraordinary Shareholders’ Meeting The creation of Samba was partly the result of a program that was in from reimbursement for the actual expenses it incurred. increased the share capital of Samba from SR 4,000,000,000 to place in the Kingdom in the 1980s, which encouraged banks to sell SR 6,000,000,000, divided into 120,000,000 of equal nominal their majority stake to Saudi nationals. Samba began business on 12 By the end of 1991, Citibank sold part of its equity holding in Samba value of fifty Saudi Riyals cash shares, all of which will be ordinary February 1980 and ended its first fiscal year on 31 December 1980. to two Saudi national agencies for social welfare. This move and as one class in all respects. ensured that Saudi nationals held 70% of Samba’s equity, while Under the takeover deal, 44.5% of the equity was sold to the Saudi Citibank retained 30%. Over the years since then, Citibank has public for cash. The share allocations favoured small subscribers gradually reduced its foreign holdings in the institution until they and created a base of 166,000 individual subscribers. Another reached zero percent. 15.5% of the equity was sold for cash to a selected group of Saudi founders, including the original Saudi members of the Board of In 1999, Samba merged with the United Saudi Bank (USB). The Directors. The arrangement helped transfer 60% of the equity to merged bank retained the Samba name and there was no change Saudi nationals. Citibank acquired the remaining 40% of the equity in the composition of the Board of Directors. in exchange for the assets of the Riyadh and Jeddah branches. A History of Samba 02 Samba_19_Eng_Review_AW.qxp_Samba_19_Eng_Rev_P. 15/09/2020 09:01 Page 3 Samba Financial Group Annual Report & Accounts 2019 A History of Samba: 1955-2019 2007 2010 Samba acquires a majority stake in Crescent Samba becomes the first Saudi Bank to Commercial Bank in Pakistan, obtains a establish a presence in Qatar with core license to operate in Dubai and creates operations including corporate and SambaCapital, a new specialized investment investment banking. house in Saudi Arabia which started operation in January 1, 2008. 2003 20 08 October 31, 2003 Saudi American Bank Samba launches in Dubai and launches moves to full local management. To mark this Samba Bank Limited branches across important milestone, the bank officially Pakistan. Samba also acquires licenses to adopts the name its loyal customers have operate in Qatar and as FII in India. been using. On 8 April 2006, in accordance with the directive of Capital Market In 2008, Samba Financial Group officially launched Samba Dubai. It On 18 March 2015, the Extraordinary Shareholders’ Meeting Authority, each of the bank’s issued shares was split into five also finalized the majority stake acquisition of Crescent Commercial determined that the share capital of the company be increased shares. As a result, the number of shares the bank has issued has Bank in Pakistan and re-branded it as Samba Bank Limited. In the from SR 12,000,000,000 to SR 20,000,000,000, divided into now increased to 600,000,000 ordinary shares at a nominal value same year, Samba also acquired a license from the Indian 2,000,000,000 of equal nominal value of SR 10 cash shares, all of of SR 10 for each share. authorities to operate as a foreign institutional investor in India. which will be ordinary and as one class in all respects. On 1 January 2008, Samba Capital and Investment Management In early 2010, Samba acquired a license from Qatar Financial Company (Samba Capital) was incorporated to act as the Center Authority to operate in Qatar. It opened its first branch in investment arm of Samba Financial Group. Samba Capital provides the Qatari capital, Doha, becoming the first Saudi bank to establish services in brokerage, asset management, investment and a presence in the State of Qatar. financial consultation. On 20 March 2014, the Extraordinary Shareholders’ Meeting On 5 March 2008, the Extraordinary Shareholders’ Meeting determined that the share capital of the company be increased determined that the share capital of the company be increased from SR 9,000,000,000 to SR 12,000,000,000, divided into from SR 6,000,000,000 to SR 9,000,000,000, divided into 1,200,000,000 of equal nominal value of SR 10 cash shares, all of 900,000,000 of equal nominal value of SR 10 cash shares, all of which will be ordinary and as one class in all respects. which will be ordinary and as one class in all respects. A History of Samba 03 Samba_19_Eng_Review_AW.qxp_Samba_19_Eng_Rev_P. 15/09/2020 09:01 Page 4 Samba Financial Group Annual Report & Accounts 2019 Board Members Eng. Ammar Alkhudairy Mr. Yazeed Alhumied Chairman Deputy Chairman Mr. Abdullah Alrowais Mr. Ali Almansour Mr. Ali Husein Alireza Mr. Eyad Alhusain Board members 04 Samba_19_Eng_Review_AW.qxp_Samba_19_Eng_Rev_P. 15/09/2020 09:01 Page 5 Samba Financial Group Annual Report & Accounts 2019 Board M embers Dr. Ibrahim Almojel Dr. Khalid Alsweilem Dr. Walid Abanumay Mr. Fahd Almufarrij Board members 05 Samba_19_Eng_Review_AW.qxp_Samba_19_Eng_Rev_P. 15/09/2020 09:01 Page 6 Samba Financial Group Annual Report & Accounts 2019 Chairman’s Statement It gives me immense pleasure to present you with the annual report of Samba Financial Group for the year ended 31 December 2019. During 2019, global economies were hindered by a host of negative events, ranging from US-China trade disputes and Brexit- related uncertainties, to weaker emerging markets and fears of low interest rates. Just when we thought we would return to calm towards the close of 2019, the world was taken over by the outbreak of COVID-19, which later turned into a pandemic spreading across all the countries and economies of the world. Since then, global economic activities have been seriously affected by this viral outbreak and it is not yet certain what the extent of this pandemic and its impact on major economies of the world will be. Governments and central banks have quickly moved to remedy the situation, with several support and stimulus packages and other relief measures made available to help shield vulnerable economic sectors. It is now expected that global growth will be negative in 2020 before rising sharply in 2021, although the pattern will depend on the duration of this viral outbreak. With a weak economic outlook and uncertainty surrounding the extent and duration of COVID 19, loss of economic activity and elevated credit risk continue to pose risks to growth and asset quality for the Saudi banks. Despite these credit pressures, we remain hopeful that moderate growth will be possible for the bank in the coming years, with the support of government relief measures aimed at supporting the sectors worst hit by the economic downturn. Chairman’s Statement 06 Samba_19_Eng_Review_AW.qxp_Samba_19_Eng_Rev_P. 15/09/2020 09:01 Page 7 Samba Financial Group Annual Report & Accounts 2019 Chairman’s Statement Samba has once again delivered a successful financial performance With its modern and forward-looking approach, and willingness to I would like to take this opportunity to express my sincere gratitude for the year 2019. A new board stepped in at the beginning of the recruit the newest technologies, Samba’s management has clearly to the Custodian of the Two Holy Mosques, King Salman bin Abdul year and special emphasis was placed on reviewing and redefining demonstrated its ability to improve efficiency and effectiveness.
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