SABB joins growing list of online banks in KSA

Saudi British Bank has launched online banking services. The SABBNET service will allow customers to transfer money between accounts, check credit card information and apply for loans.

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By  Rob Corder Published  June 10, 2001

The Saudi British Bank has joined the growing ranks of financial institutions in the Middle East offering online services.

Operating under the SABBNET brand, Saudi British Bank will allow its customers to transfer money between their accounts, obtain information on their credit cards, request periodic statements of their accounts, follow up foreign exchange rates and apply for personal loans or Murabaha Purchase Finance.

The online services join SABB’s current telephone banking services as points of contact for customers.

SABB’s investment in online banking comes after a year of solid financial gains for the institution. Net profit for 2000 rose 12.4% over 1999 to US$198 million. Customer deposits rose 10.4% over the same period to US$7.6 billion.

“There has been a steady increase in operating revenues from a wider range of products and services. Our aim is to provide customers with a choice which meets their increasingly sophisticated requirements and which is offered through a variety of delivery channels,” said David Hodgkinson, managing director for SABB, as the 2000 financial results were announced.

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