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I would like to say thank you everyone; even though no
‘thank you’ words would be enough to show my appreciation and gratefulness to
everyone out there that provided me with all kinds of support and to give back
some of what they have given me. To my beloved family, my mentors at Samba
Financial Group, my dear PSU professors and colleagues, my friends, all those
who have and still be part of my journey in both academic and professional
life.
I owe each and every one of you; and I hope I can give
back some of all your blessings and giving. While I purposely stated no names;
it merely means everyone is indeed as important and essential to me.
Thank you again.
Abdulmalek Eisa
In this report I will briefly discuss and present my Cooperative Learning (Co-Op) experience at Samba Financial Group. For the period of seven months (24/09/2019 - 12/03/2020) G. During which I was a part of the Corporate Banking Group (CBG) to both enhance and learn skills and practices of financial and banking procedures. Mentored and trained in all aspects of operation, business development, internal structure, communication, and relationship management. All while applying my academic knowledge learned at PSU.
Table of Contents
Background History of samba financial group
1.3 Tasks carried out during the Co-op period
1- Customer acquisition due diligence (CADD)
Customer acquisition Due Diligence (CADD)
3.2 Methodology used for solving the problems
In
this it has been mentioned that the samba financial group was first attain as
in the form of The Bank of Saudi American. Generally, the bank has been started
their tasks and these operations was started as city bank which has been
situated in Riyadh the bank was first done their operations in 1995 which was
presented in branch of Jeddah in the era of 1966. While in the era from 1979 to
1980 in which government has been introduced the national program: moreover in
this it has been mentioned that all of the significant international companies
will sell up to almost 60% along with the ownership for both citizens or
Government of Saudi. This had been the
major section in the development of Samba which was done in 1980 Feb. The
outcome of this is 45% form the total shares which was traded in the form of
cash to the public of Saudi along with the provisions supporting little
entities that developed personal owners of 166,000. Despite from this it was
also been mentioned that almost 16% shares had been purchased to the chosen
group of founders of Saudi which involve the significant members of Saudi board
of directors. The deal was moved on 60% ownership in the hands of Saudi. As
well as Citibank holds the remaining up to 40% of the overall share this
was presented in share exchange for the evaluation of branches of Jeddah and
Riyadh.
In
this some of the fresh individuals has been come along with the agreement of
technical management which has been made with Citibank, in this regard some of
members of Citibank approved to bring about Samba’s tasks. Citibank decided to
send their staff to the new bank and
give them mechanical care. In this it was also been mentioned that the staff
was not capable to hold any kind of reimbursement for the services (despite
from this its prerogative which has been taken as stakeholder) apart from this
privilege for the original cost it experienced. With the end of era 1991the
bank vended some their sectors which holds by samba along with the social
welfare for two Saudi national agencies. This move makes sure that national of
Saudi which has been done up to 70% of Samba’s impartiality, despite from this
the Citibank reserved 30%. Over the years since then, Citibank has gradually
reduced the external prosperities within institution unless and until they
reached zip percent. In 1999, the samba has been obtained along with bank of
united Saudi. The amalgamated bank reserved the Samba designation and there had
been no variation in the configuration with the Board of Directors. Samba had
been enthused to complete resident management on 31 October 2003. An Unexpected
stakeholders Consultation, held on 14 December 2003, accepted the name “Samba
Financial Group”. On 9 March 2005, the Extraordinary Shareholders’ Meeting
increased the stake principal of Samba from SR 4,000,000,000 to SR
6,000,000,000, alienated into 120,000,000 of identical numeric value of Saudi
riyals money had been shared which would be simple and had been taken in one
class with their due respect.
Corporate Banking Group
Corporate Banking Group (CBG)
which I was assigned to continues to leverage the inherent strengths of the
Samba franchise, its highly regarded brand, and its enduring customer
relationships. Samba’s strong balance sheet and structuring credentials have
historically underpinned large-scale financing and the bank’s lead role in
wholesale structured, project and syndicated finance deals. Samba remains
committed to providing exceptional customer service through its superior
product portfolio and service delivery across multiple product and industry
segments. During the period of my internship, CBG’s primary focus has been on
deepening client relationships despite a challenging macroeconomic environment.
They strive for a delicate balance between fulfilling client expectations and
managing risk, with the goal of building customer loyalty. Accordingly, their asset
growth strategy has been carefully calibrated to preserve portfolio quality. As
the manager of one of the largest corporate portfolios in the Saudi market,
Samba is well positioned to play a leadership role among the top corporate
banks in the GCC and MENA region. Public
Sector and Financial Institutions Public Sector (PS) is a specialized
business unit within the Corporate Banking Group. It gives a comprehensive
variety of innovative products, services, and technological solutions to
clients in partnership with various product teams. With its presence in
central, eastern, western and northern regions, PS actively manages public
sector entities, government ministries and agencies and other core institutions
linked to the Government of Saudi Arabia. In line with government objectives
under Vision 2030 and the National Transformation Plan, PS continued to
augment, amplify, and help its target customers achieve their objectives of
automation, efficiency, growth, and sustainable development. During FY 2018, PS
continued to deliver a strong business performance by leveraging its balance
sheet, providing comprehensive electronic collection and payment solutions, and
offering innovative treasury products and tailored trade products. Monetary Establishments The Monetary
Foundations (FI) Division acts manages Samba’s relationship with correspondent
banks in multiple areas around the world. Through its network of global banking
relationships, FI ensures that Samba’s customer and proprietary cross-border
business flows are handled in both an efficient and cost-effective manner. To
achieve this objective, FI assesses the credit risk of all financial
institution relationships and establishes counterparty credit and cross border
facilities that the various business segments of Samba use on either a customer
or proprietary basis. In the domestic market, FI maintains relationships with
Saudi domiciled multilateral and non-bank financial institutions (NBFI),
covering insurance, brokerage, and asset management industries. Samba’s
multiproduct capabilities are used proactively to provide clients with
customized banking and investment solutions. 2018 was another challenging year
for the FI business. Geopolitical turmoil and a subdued economic environment,
regionally and in key emerging markets, had an adverse impact on the business
flows. FI was able to overcome these challenges, however, and delivered strong
growth in revenues compared to the previous year. Samba Capital, Samba Capital advises clients on transactions across
equity capital markets, debt capital markets, and mergers and acquisitions. The
investment banking team, which is considered a one-stop shop for all capital
market-related activities, retained its pre-eminent position by working on
several mandates involving top tier local corporates, public sector, and
international corporates. Despite a challenging year for the industry as a
whole, Samba Capital remains a dominant player in investment banking, corporate
finance, brokerage, and asset management in the Kingdom and the wider GCC
region. In 2018, Samba Capital continued to win several prominent industry
awards and accolades, including the 2018 Global Finance “greatest Investment
Bank in the Middle East”, “best Investment Bank in Saudi Arabia”, and the
Global Finance “best M&A Bank in the Middle East” award. Samba Capital
Brokerage ranked among the top brokerage houses of the Kingdom in terms of
overall traded value and Internet traded value activity relative to 2018
Tadawul data. Projects are currently under way to upgrade current trading
functionality and expand product lines with the objective of satisfying client
needs while remaining focused on innovation.
The
main aim of this study is to provide students the prospect for the
implementation of the phenomenon through which they have been learned in
schools. Moreover, to create skills this is quite significant
for working atmosphere.
The goal of the program
is to progress written and verbalized conversation skills, critical thinking
and investigative assistances, and an empathetic of key business area
functional concepts and group dynamics through the work experience and related
assignments. The main purpose of the study is to make the conversational skills
along with written and oral as well, and functional area learning objectives.
Despite from this these purposes has been intended to serve the aim of this
co-op program which has been done by university. These purposes also involve
the learning of students and sanction them to hold their training which is
related with job experience to made them able to become aware with working
atmosphere and how organizations really work. It also helps students apply
practical and theoretical information which had been educated them within the
college of Business administration.
1-
Customer acquisition due diligence (CADD)
2-
Spreading financials
3-
Anti-money laundering
4-
Know your customer (KYC)
5-
Employee Trading policy
Initially
when the training had been ongoing by me, I had allocated the proper working
plan which will lead toward some of the assignments which would be done by me
during the time of my program. Despite from this different assignment which
provide me the increase to increase my skills and become excellent monetary
predictor and become more included within the enterprises.
Know
Your Customer (KYC)
The
procedure of getting aware about your client, and then they were associated to
as KYC, is what business as in the form to confirm the investigation of their
customers after and before the time while starting a business with their
client. The terminology KYC would also be related and controlled practices of
bank which has been utilized to investigate the identity of customer.
As well as it has become obvious for companies and banks utilize KYC. Despite from this some of the credit firms, banking establishments and some of the insurance related agencies need their client to give them with brief explanation in order to make sure about they were not included with fraud, money laundering and any other illegal activities.
In
the first 2 weeks of the program, the main goal was to get familiar with the
different departments of Samba, and to learn how to communicate with these
different departments. After that, I was
introduced to Customer Acquisition Due Diligence (CADD) (whereI …….). The
second month's learning objective was to learn about spreading financials,
which was one of the most interesting activities that I have done during the
program. The third month's learning objective was about anti-money laundering.
In the fourth month, I was assigned to learn how to (KYC) “know your customer”.
Lastly, in the last two months I worked on employee trading policy.
Customer
Acquisition Due Diligence (CADD) knowledge has been based on logics which is
related with client to sanction the enterprises to evaluate which client will
represent the hazard. These threats also include corruption and some of the
financing risks. As well as firms are required to get aware about their clients
for the wide range of reasons.
Ø To
fulfill all the basic necessities which is related with laws and regulations.
Ø To
support the organization on the spot with conscientiousness which has been
taken out, to be specific practicality with consumer who said that it was not
complete.
Ø To
give the customer proper services and products which they required
Ø Provide
the safety against any kind of mishap or
services for the identification of fraud.
Ø to
support the association to recognize, while in the course of consistent
relationship. As well as what is unnecessary and to allow the unspecified
things to be investigate.
Ø if
unnecessary incidents events were not be marketable whereas direct objective,
which might be include money filtering, deception, or management illegal or
radical stuff.
Ø It
will also sanction company to evaluate legislation implementation by giving
significant knowledge.
Spreading
financial statements is defined as the process by which a bank transfers
information from a borrower’s financial statements into the bank’s financial
analysis spreadsheet program. When the financial information is entered
correctly, the spreadsheet can generate meaningful financial reports to assist
the bank in its analysis of the financial condition of the company. Reports
which result from banks' financial statement analysis include, but are not
limited to:
·
Normal size of income statement
·
Normal context balance sheet
·
Cash flow statement
·
Settlement of net worth
·
Financial ratios
Samba’s
anti money laundering
responsibilities has been taken as in the meaning that it might not be proceed
in some of the transference and might be decay to hold them more than as a
consumer. In this regard bank should have to be more rigorous while validating
the identity of consumer. As well as they required knowledge from independent
and dependable source to done this. The act need bank to gather the more knowledge
about their client.
Make sure about the
understanding of client’s business with them is perfect
Support consumer by
evaluating their risk profile
Also support them by
exploring dealings that might be distrustful
Consumer should have to
give more indication of your profile and personal information before and after.
It has been expanded from all kinds of accounts involving business, personal
and some of the trust account. As well as your bank might ask for detailed
information if you desired to transact your money this is greater than the
specific amount of overseas. Samba should be report to laws and regulations
which is related with any kind of business and significantly believe to be
apprehensive. Moreover the company should not do business with a client who was
not be able to fulfill all acts which has been taken as in the meaning of:
It might not be proceeded
with specific transaction
It will also withdraw
their services and products mainly
It will also select not
to accept someone as a client.
The
procedure of getting aware about your client and it has mainly been related
with KYC, and in this regard it has also been mentioned that it is a such type
of business in which order has been made to confirm the identification of their
customers before and within the time while starting having business with them.
the concept of KYC has also been described as it regulates the practice of
banks and similarly utilize to investigate costumer’s identities. Organization
and banks of similar densities were quite big supporter of KYC. It has been
enhancing common for some of the banking
institutions and also for some of the credit firms and some of the insurance
association to needed their consumer give them with brief knowledge in order to
make them not be included in corruption and some other frauds in this field.
To complete this task I was granted access to some of Samba’s confidential files. I reviewed Samba’s regulations regarding employee trading policy. The most important element in this policy is that employees are allowed to trade and they can choose the type of investment they want to invest in. However, they have to make sure that they are not dealing with insider trading and they are not using sensitive information that is not available to the public. After reviewing the policy, I got the chance to spend some time with employees in different departments to discuss what type of investment they make. I’ve learned from these discussions that Saudi Arabian Monetary Authority (SAMA) has a strict policy on monitoring their transactions. Employees who make abnormal returns will be interrogated. Higher grade employees such as general and executive managers have their relatives also monitored in case they traded using confidential information and got abnormal returns. So this task was mainly an observation, listening and communication task, it was a fun experience which I learned a lot from.
All problems can be solved with excellent communication and
asking the right questions. Many of the problems I faced during my internship
period were small and it didn’t developed to be large ones because there were
outstanding mentors in Samba. First, one problem I faced was when we wanted to
spread financials of one company. Everything at first seemed legit until we
noticed that some of the company’s financial statements were unaudited and that
may indicate at first there is a problem in that company, which can force the
bank to resolve the relationship between the parties. Second task was CAAD
update, at the end of each month we require every company to update its
information, and we require them to send it to us each month in case any
employee had an expired national ID or any sort of expired document. One of the
companies that we were dealing with didn’t send any of the required information
we needed so we had to stop giving them certain products. Finally, which was
one of the biggest issues for the bank. One of the companies that had interest
payments that was due and still unpaid, we had to investigate why they were not
meeting their obligations and break down the problem so we had to make sure
that any misunderstanding doesn’t happen.
The first problem required us to communicate with the
company and ask them to provide us with the audited financials. This wasn’t
easy because we tried to contact them by email at first which they didn’t reply
to us. I was given the task to handle this problem and make sure to resolve it
as soon as possible. I tried calling them by phone which has worked and after
explaining the issue to them clearly and professionally we reached an agreement
on sending only audited financials. The second problem which I assisted on
solving, was a bit complicated. Some of the employees that had an expired ID we
were supposed to communicate with them directly. The big challenge was
receiving the documents needed under 24 hours to update the system in order to
avoid any crashes and that will lead to chaos in the company if they ever
requested any product of ours. When we called the employees and expressed to
them how serious this situation can lead to, by explaining the consequences
they had no hesitation to provide us with what we requested. The last problem
which was one of the most difficult one I faced, we needed to know the source
of the issue. First we looked into the financial statements of the company and
analyze it carefully. After doing such so, we seen that the company had no
issue in their financial position, all accounts reflected an increase during
the past quarters. One of the team members decided to organize a meeting with
the company Chief Financial Officer since he was the one to ask and investigate
with him why they didn’t pay the loan interest. After the meeting we concluded
that the CFO of the company just simply refused to pay any interest by his own
will. Later, the CEO has contacted us and assured us that future payments will
be transferred at its scheduled date.
In these situations I was challenged to improve my critical
thinking, communication skills and technical skills. When analyzing such
problems I had to come up with an appropriate solution or at least take part in
finding one.
In my 5-year journey at the university, I was taught by lots of great professors. Each course I took has taught something with value in my life and career track. One of the main courses which helped me in overcoming such problems is Business Organizational Behavior. This course did a great impact on me when I started my internship, when I realized I must use this knowledge in my workplace. The main subject that came to my mind was how to deal and communicate with high ranked employees in or out of your organization. Understand the organizational structure of the company to assure maximum benefit if you want to be understand or understood. Realizing in each decision making process there will be conflicts, dealing with these conflicts is key in growing yourself and the company. Psychology is an important subject to learn, understanding different people characters has helped me in getting the right information always. One of the employees in Samba was seemed to an introverted personality. Whenever I wanted to get something from him, I had to contact him by phone so I don’t cause him to be uncomfortable, which will lead me to not get what I wanted. Also how I motivate myself each day and become enthusiastic in learning something new. Commutation was a key part in the whole period of my training. As I learned from the university, there are barriers to good communication. Lots of these barriers I had to be aware of such as religion and race. I learned to never talk about it within the workplace so I don’t get to any trouble.
In this it
has been mentioned that training is more efficient and excellent way to train
fresh employees along with their roles they are playing in organization. It
will also enhance the preservation of workers and their general performance and
satisfaction with their work, and beneficial for workers and company. Training in a big bank like Samba
had an excellent chance for one self to enhance good amount of skills and
information. It had been a truly inspiring practice that expanded mine
technical and interactive services, it also enhance my level of understanding
of the workroom and the working atmosphere, maintain to hold the latest
information, thinking logically and innovatively to resolve issues. Despite
from this, the training has also enhanced my presentation, form this I am able
to perform well toward my upcoming aims. It had been attained by consistent
support and reassurance from the parents, superintendent, and classmates. Arena
Exercise is one of the finest plans to make a non-graduate scholar to face
original working atmosphere; that’s why, I think that exercise in Samba can be
very valuable for scholars since it has adequately of valuable resources,
accessibility of exercise utensils and accomplished operate to train college
scholars.
The
objective of this Co-op period was to explore the issues relating to find out
problems regarding the theoretical concepts with practical experience. During
my Co-op training period, the biggest source of information was my personal
observation while working with staff and having discussions with them. My
training period with Samba was a very rewarding experience. The training was
beneficial because it helped me be aware of real life working environment. All
the employees at the department were quite cooperative. They helped me
understand the activities of the company to possible extent. Besides their
ever-going activities, my questions never irritated them. My recommendation for
future trainees is always ask and don’t be shy because if you don’t ask you
will never learn. Try to write everything you see and hear because it’s important
in the future when you will be offered a job. Always follow the rules of the
organization so they will know how serious you are about working and learning.
And I highly recommend to never pass out on an opportunity in training with
Samba financial Group.
Co-op
training gives you:
Ø it
provide various ways to have training about skills which they have been learn
in their class. Such as (oral and written communication skills, research and
computer)
Ø Attain
respectful feedback from workers about your development of skills
Ø Earn money to fund the term of school.
Ø https://www.samba.com/en/Images/Financial_Statement_Q3_2019_En.pdf
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