EuromoneyNames SABB Best Private Bank in Saudi Arabia

(SABB) has been recognized as the "Best Private Bank in Saudi Arabia" in the Euromoney Private Banking and Wealth Management Survey 2008 which is regarded as the benchmark for the wealth management sector.Commenting on the survey results, Adel Marzook Al-Nasser, deputy managing director of SABB, said in a statement yesterday that: "This is the reward for the distinguished efforts and excellent performance by SABB's highly skilled private banking and support teams backed by the global expertise of HSBC. Together, they have enabled us to develop and provide distinctive and innovative products and services, which the survey appears to show are meeting our customer's demands and expectations. We are particularly proud of this accolade since the Euromoney awards are considered the most prestigious and important reference for global ." Saudi Arabia is one of the fastest growing wealth management markets in the world. The value of assets under management by the wealth management arms of the Kingdom's banks has been growing at an average of 135 percent over the past 3 years. The survey results ? which began last September ? reflect increasing competition in the Saudi banking sector, and the private banking segment of the market will see some of the fiercest competition over the coming years with both local and international banks playing a prominent role.