Samba Financial Group has opened its first branch in Doha, becoming the first Saudi bank to establish a presence in the State of Qatar.
Samba has obtained all the necessary licenses to open its office in the Tornado Tower in West Bay, a business district in Doha.
Samba has been licensed as a Category (1) financial institution and is accordingly permitted and authorised to conduct the following banking activities within the Qatar Finance Centre (QFC): deposit taking; dealing in investments; arranging deals in investments; providing credit facilities; arranging credit facilities; arranging the provision of custody services; managing investments and advising on investments with an Islamic window.
Eisa Al-Eisa, chairman of Samba Financial Group, said: “The timing of the opening of Samba in Qatar underlines the success of the bank’s regional expansion strategy. Doha has a promising financial market which is experiencing extensive growth and escalating development momentum at different levels.”