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Saudi bank 'hit by US bias'
Kashif
05/25/02 at 20:24:16
Saudi bank 'hit by US bias' 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). http://news.bbc.co.uk/hi/english/business/newsid_2006000/2006774.stm
NS

Re: Saudi bank 'hit by US bias'
Asim
05/25/02 at 23:47:57
Assalaamu alaikum, Looks like the boycott of U.S./Israel supporting establishments is gaining some hold among the masses in the Arab world. As reported in another thread, and confirmed by my sister in Bahrain, people and business there are looking for alternatives to U.S./Israel products/services. Hopefully the message gets across, if not to change policy, at least to convey the gravity of the problem and the viewpoint of millions of people. wasalaam.

Re: Saudi bank 'hit by US bias'
jannah
05/26/02 at 05:01:52
Wow I didn't even think about the banks... that is huge... Some people think that world politics is really run by the secret influence of economics so Allahu Alam.
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