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Saudi bank 'hit by US bias' - BBC, UK

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  • Zafar Khan
    Saudi bank hit by US bias http://news.bbc.co.uk/hi/english/business/newsid_2006000/2006774.stm One of the biggest banks in the Middle East is being hit by
    Message 1 of 1 , May 27, 2002
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      Saudi bank 'hit by US bias'

      http://news.bbc.co.uk/hi/english/business/newsid_2006000/2006774.stm

      One of the biggest banks in the Middle East is being
      hit by the US stance on terrorist funds, a report has
      said.
      Deposits at Saudi American Bank (Samba) fell by almost
      $600m (£410m) in the first three months of the year.

      The fall could be in protest against the Bush
      administration's ban on US banks accepting
      transactions from some Islamic charities believed to
      have connections with terrorism, according to the
      Financial Times.

      Samba is 22.8% owned by the US' Citibank, and is Saudi
      Arabia's second largest bank with 57 branches and
      2,236 employees.

      Boycott

      Dwindling deposits is unusual at the bank which
      enjoyed steady gains during each quarter last year.

      Some Saudi investors are thought to be moving their
      money to other banks as part of a wider boycott of US
      products in protest of its perceived bias towards
      Israel and against Arabs.

      Samba chief executive, Mike de Graffenried, refused to
      comment on the reason for the decline, and some
      analysts acknowledged that there could be other
      reasons for the drop.

      The revelation of falling deposits came as the bank
      announced a rise of 4% in quarterly profits to 549m
      Saudi riyals (£100.5m; $146.4m).




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