Mr. Eisa M. Al Eisa, the Managing Director and Chief Executive Officer of Samba Financial Group, announced that SambaCapital & Investment Management Company (Sambacapital), a wholly owned subsidiary of Samba Financial Group with a capital of SR 500 million, will start operations as of Tuesday 22 Thul-Hijjah 1428H, corresponding to 1 January 2008. SambaCapital provides services in brokerage, asset management, investment and financial consultation.
Al Eisa commented on this occasion: “SambaCapital was incorporated to comply with the recent resolution of the Capital Market Authority that requires all banks to split their banking and commercial services from securities operations. We, at Samba, took the initiative to respond to this new regulation which stems from our belief that this will enhance the performance of the capital market by increasing the number of financial brokerage, asset management and investment companies, which will support competitiveness within the market and provide investors with more options; especially with the entrance of foreign banks and brokerage and financial investment houses into the Kingdom, with the economy is witnessing substantial growth.
Mr. Eisa Al Eisa emphasized that SambaCapital will continue to adhere to Samba’s financial performance criteria, expertise and innovation, which accumulated over a long history of leadership and creativity in banking and financial sectors, which is reflected in SambaCapital’s logo that has been designed to complement the existing core Samba’s logo, so it will be a continuation in essence and appearance. He highlighted that the preparations to establish SambaCapital have been extensive and ongoing for some time, and that highly competent staff who have solid knowledge and experience of local, regional and international markets have been allocated to ensure the highest level of productivity and performance.
The Capital Market Authority has already licensed SambaCapital to provide its services on its behalf or as an agent, underwriter, manager, arranger consultant and custodian. Thus, SambaCapital will be an integrated financial house providing international financial solutions to its individual, financial institutions and corporate clients, in the areas of asset management, financial brokerage and investment services, both Islamic and conventional. In terms of asset management, SambaCapital provides a variety of award winning investment funds that provide its clients with a variety of investment options, which have been globally acclaimed by independent rating institutions.
Those funds include local, GCC and international equity funds investing in over 50 global markets, capital market funds, trade finance funds, guaranteed capital funds, bond funds, balanced fund and many more.
In terms of brokerage, and through its global network of security clearing houses and custody banks SambaCapital will safeguard local, regional and international securities entrusted to it by its customers and administer the securities as per client instructions and can specifically take care of receipt of stock and cash dividends, delivery or deposit of certificates, payment for securities. SambaCapital will capitalize on Samba’s extensive experience and unique technologies in providing brokerage services to enable its clients to manage their financial portfolios through its conventional tools and the latest applications in internet, phone banking and mobile phones, using highly accurate and secure live technologies. In terms of corporate clients, SambaCapital will manage IPOs, rights issue, merges, acquisitions and provide special financial advice for its clients.
SambaCapital’s Head Office is located in the Kingdom Center, and it will provide its services through a selected network of investment centers, in addition to SambaCapital call center and through the internet.