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Middle EastMarch 7 2005

Prosperous life

Samba managing director and CEO Eisa Al-Eisa has steered the bank into a strong position since the departure of Citigroup.
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There is life after Citigroup, a prosperous life. When Citigroup pulled out of its Saudi Arabian joint venture Saudi American Bank, after 23 years, many doubted that the bank could survive on its own. They thought that Citigroup had been the powerhouse behind the bank and without it the bank’s controls and culture would collapse. Now, more than a year since Citigroup’s final exit in October 2003, there is a different story to tell.

Although Saudi American had been one of Citi’s most profitable global assets in the 1980s and had indirectly helped to bail out the giant during its troubles in the early 1990s, Citi’s stake in the bank was reduced to 20%. By October 2003 it was gone from Saudi’s second largest bank.

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