The Boards of Saudi British Bank and Alawwal (formerly Saudi Hollandi) have agreed to merge their banks. The new bank is expected to become the third largest in Saudi Arabia, behind National Commercial Bank and Al-Rajhi.
Saudi central bank wins award for risk management and compliance
The Saudi Arabian Monetary Authority (SAMA – the Saudi Central Bank) has been given the "Initiative of the Year" award for 2016-1017 from the Central Banking Awards Committee, for its work to strengthen its risk management and compliance.
SAMA embarked on its risk management and compliance project in 2014, under its previous Governor, Fahad al-Mubarak, and the work was continued when Ahmed al-Kholeify succeeded him as Governor in May 2016.
SAMA's work has centered on three main areas: developing a risk management framework, tools and procedures; reviewing policies from a risk and compliance perspective; and implementing a risk communication plan and awareness programme. SAMA also worked to activate compliance standards that had been identified but were not being used as part of day to day operations.
The statement issued by the Central Banking Awards Committee can be seen here.
More in News
There are new appointments at First Abu Dhabi Bank in London and British Arab Commercial Bank, while a new appointment is expected at Europe Arab Bank in London.
The Arab Bankers Association sends its warmest greetings to its members and their families on the occassion of the holy month of Ramadan
The Arab Bankers Association extends its condolences to the family and friends of Tirad al-Mahmood, the CEO of Abu Dhabi Islamic Bank, who died in April after a long battle with illness.
The latest firm to join the ABA as a Corporate Member is Belleveue Mortlakes, the London-based property surveyors who are principally involved in property valuation but also manage receiverships and redemptions. The firm works with a core group of about 50 UK and Middle Eastern banks. Shaf Ali will be the firm's key contact with the ABA.