Financial and Banking News
SAIB Loses $4mn in 1985
The Saudi Arabian Investment Bank (SAIB), in which Chase Manhattan Overseas Banking Corporation is the largest single shareholder with 20%, declared a SR15.4mn ($4.2mn) loss for 1985 after a SR12.1mn ($3.4mn) profit in 1984. SAIB has been one of the two least profitable banks in the Kingdom in recent years, the other being the fledgling United Saudi Commercial Bank. Its 1985 loss resulted from a halving of its...