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SAIB eyes transition to making profit

Wednesday 01 August 2018 02:18 PM


By Sohair Mohamed:
The new chairman of Societe Arabe Internationale De Banque (SAIB) Tareq Al-Kholy has held several meetings with executive mangers and heads of sectors to become acquainted with all activities and issues, and to develop profile of future action plan.
The main theme of meetings is the necessary shift towards profitability by year end as the bank incurred small loss over the past six months.
The meetings dealt with setting new targets to increase revenues and commissions of corporate and individual banking.
The meetings also discussed expanding branches network and providing new services in retail banking and online banking to support financial inclusion as well as promote Islamic banking services.
In its last meeting, the general assembly of SAIB approved appointing Tareq Al-Kholy as the chief executive officer of the bank for 3 years ending in August 2021.
Since the end of last April, a tripartite commission has managed SAIB.
The results of SAIB during the first quarter showed a shift towards loss of USD 290.4 thousand (y-o-y) compared to a profit of USD 21.1 mn for the same period in 2017.