EISA AL-EISA, Managing Director and CEO of Samba Financial Group

initially established as the Saudi American Bank, Samba Financial Group was created as a joint venture with Citibank when a program adopted in the mid 70s required foreign banks to sell majority equity interest to Saudi nationals. Citibank managed Samba until 2003, when it sold its final shares.

Eisa Al-Eisa, a long-standing employee, was appointed Managing Director and CEO, and immediately proceeded to implement his vision of doubling earnings at the bank, already Saudi Arabia’s second largest, in a period of four years. It was renamed Samba Financial Group to indicate its status as a financial services company.

Mr. Al-Eisa’s vision looks well on the way to being fulfilled. Samba’s net income had declined by 22.7% in 2003, but 2004 results were spectacular. Under full local management the bank posted a net income of SR2.506 million ($668,212) – a 74% increase over the previous year’s results. Total assets grew by 20% over the same period. Over the course of the year, Samba received a number of awards and accolades from several respected international publications dedicated to banking and finance including The Banker and Global Finance magazines.

The bank’s Corporate and Investment Banking Group (CIBG) deals with corporate clients from both the public and private sectors of the country. With its strong focus on innovation, Samba is continuously launching new products and services. Credit card business is on the rise within the personal banking section, with income and revenues growing by 63% and 31% respectively over the year. For this sector, Samba also provides credit risk management, remittance transaction products and e-banking, which now accounts for almost 90% of total branch volumes.

The group has also proved successful in managing the initial public offering (IPO) of telecom company Etihad Etisalat, the first to be executed under the new Capital Markets Authority listing rules, and which was 51 times oversubscribed.