The Saudi Investment Bank has signed a one-year partnership agreement with the GCC Board Directors Institute to support the promotion of corporate governance and board effectiveness in the Gulf region.
The Saudi Investment Bank, a listed company, offers traditional wholesale, retail and commercial banking services, and recently came top of the KSA Corporate Governance Index for Financial Institutions.
Faisal Al Omran, CEO of The Saudi Investment Bank said: “Corporate Governance at The Saudi Investment Bank is about promoting fairness, transparency and accountability. We work hard at ensuring the highest standards of corporate governance. More than just a commitment to doing the right thing, we believe good corporate governance is a strong indicator of overall management capability and quality. We are delighted to partner with the GCC Board Directors Institute and support the great work they are doing. This is a further demonstration of our support for good corporate governance and our commitment to enhancing governance practices and stakeholder value in line with Vision 2030.”
Jane Valls, Executive Director, GCC Board Directors Institute (GCC BDI) said: “We are delighted that The Saudi Investment Bank has joined our network of corporate affiliate partners. GCC BDI is a not for profit company with a mission to make a positive impact on the economies and societies in the region by promoting professional directorship and raising the level of board effectiveness. Now more than ever, sound board and governance practices are under the microscope of investors and most stakeholders. Having the support of The Saudi Investment Bank will enable us to develop new products and services to better serve the boards in the region, creating greater shareholder value and investment attractiveness.”
Since its inception in 2007, GCC BDI has become the most influential network of board directors and senior executives in the Gulf. GCC BDI works with listed companies, state-owned enterprises, family-owned businesses, large private companies and multinationals across the GCC. Today, GCC BDI has over 1300 members – senior board directors and executives representing over 3,000 blue-chip companies.
More information on corporate governance at The Saudi Investment Bank is available on the Bank’s website www.saib.com.sa
About The Saudi Investment Bank (SAIB)
The Bank commenced business in 1977, pursuant to a Royal decree dated June 22, 1976. It concentrated on medium-term financing of industrial projects. In 1983, with the adoption of the SAIB name, the Bank moved into full commercial banking. The ALASALAH Islamic Banking Brand, through which the Bank provides Shariah complaint products and services was launched in 2006. Islamic principles are at the heart of all our operations. Adherence to Shariah principles in product development is assured by our Shariah Committee
SAIB provides wholesale, retail and commercial banking products in the Kingdom of Saudi Arabia, both Shariah-compliant and traditional. In addition to personal banking, the Bank services the government, quasi-government, corporate and MSME sectors. Our finance operations offer a range of non-interest-bearing banking products including
Murabaha, Istisna’a and Ijarah. Our product portfolio also includes several treasury and investment banking products. An even wider range of products and services is provided through our joint ventures and subsidiaries, such as investment banking, share trading, asset management, leasing finance, mortgage finance, brokerage services, corporate finances services and credit card services.
About GCC Board Directors Institute
Launched in 2007, the GCC Board Directors Institute (GCC BDI) is a not-for-profit organization that guides board directors of organizations, from family-owned businesses to listed companies, to acquire the know-how and the tools to reach and sustain effective governance. GCC BDI was founded by four leading regional corporations – Saudi Aramco, SABIC, Investcorp and Emirates NBD – and it is supported by four advisory firms: Allen & Overy, Heidrick & Struggles, McKinsey & Company and PricewaterhouseCoopers, as well as all the regional regulatory authorities. GCC BDI now works with over 1300 members who benefit from a network of senior business leaders and a variety of workshops designed for board directors and senior executives. Notably, the Institute hosts an annual Chairman Summit that brings together regional leaders and actors to explore the evolving role and value of Boards as well as appropriate corporate governance standards. Today the Institute is globally recognized and the only Directors Institute from the region to be admitted to the Global Network of Directors Institute. We encourage you to visit the Institute’s website at www.gccbdi.org to learn more and get involved with the GCC BDI.
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