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King Fahd University of petroleum & Minerals
College of Industrial Management
Analysis of Banks Annual Disclosure
Dr. Muhammad Alhazmi
Samba Financial Group was formed pursuant to Royal Decree No. M/3, dated 26/3/1400H (February 12, 1980), to take over the then existing branches of Citibank, N.A. in Jeddah and Riyadh, which were opened in 1955 and 1966 respectively. Samba was formed in accordance with a program adopted by the Kingdom in the mid-1970s, under which all foreign banks were required to sell majority equity interests to Saudi nationals. Samba commenced business on February 12, 1980 and closed its first fiscal year on December 31, 1980.
On April 8, 2006, in accordance with the directive of Capital Market Authority, each of the Bank's issued shares was split into 5 shares. Accordingly, the number of shares issued by the Bank has now increased to 600,000,000 ordinary shares at a nominal value of SR 10 for each share.
On March 5, 2008, the Extraordinary Shareholders Meeting decided to increase the share capital of the company from SR 6,000,000,000 to SR 9,000,000,000 divided into 900,000,000 of equal nominal value of ten Saudi Riyals cash shares, all of which will be ordinary and as one class in all respects.
Samba was the first Bank to offer Priority Banking (Gold and Diamond), Phone Banking, Credit Shield, Saving Linked Insurance, Cash Deposit through ATMs, Speed Cash Remittance Service and Automated Signature Verification. It was also the first bank to establish a dedicated Investment Department, introduced the first local equity fund and the first fund, (SAIF), open to overseas investors and listed on the London Security Exchange.
The independent auditor’s...
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