KARACHI, Nov 3 Speaking at a gathering of corporate and business leaders and elite of the city at the formal launch ceremony of the Samba Bank Limited (SBL), State Bank of Pakistan Governor Dr Shamshad Akhtar said here on Monday that the central bank sees a unique and significant partnership in working together with Samba as an important player in Pakistan's relations with the Kingdom of Saudi Arabia which are very deep-rooted, long- lasting and futuristic.

The governor said “It is not only the vision, technology and good banking practices that Samba brings to Pakistan, but equally importantly, we count on Samba being a catalyst in bringing in bilateral investments.”

Commenting on Samba's plans, Sajjad Razvi, senior Samba executive and Chairman of the Board of Samba Bank Limited, said SBL is a majority owned subsidiary of Samba Financial Group which invested $100 million in the bank in 2007.

With a balance-sheet size of approximately $50 billion, shareholder's equity of $4.7 billion, and net profitability consistently exceeding $1.5 billion year-on-year, Samba is a leading financial institution in the Middle East. Samba has a rating of A+ by S&P and is ranked 157th amongst the world's 1000 largest banks, he added.

“Samba views Pakistan as a strategically important market for growth and hence made its first acquisition outside the Kingdom of Saudi Arabia in Pakistan. Samba has a long-term view on Pakistan and is fully committed to building its local franchise.”

Elaborating on the bank's vision, Tawfiq A Husain, President and CEO of Samba Bank Limited, said our aspiration is to make SBL the most admired bank in Pakistan. SBL's value proposition is supported by a very strong parent and a powerful brand.