Moody’s said the Saudi bank’s financial strength rating had reflected the ‘benefits derived from its association with Citiroup’. Citigroup said that the termination of the management contract would not affect its 20 per cent stake in the Saudi bank, but may lead to withdrawal of 20 staff seconded to Samba.

Moody’s has not altered its investment grade rating of Baa2/Prime-2 for Samba’s foreign currency deposits. It said that the bank remained ‘well positioned in the Saudi market’ (MEED 19:9:03).