Alwaleed's relationship with Samba's management partner, Citibank, goes back a long way. Citibank had serious problems with real estate lending in the early 1990s. It needed new capital, and Waleed took around 10 per cent in the new issue. It's not such a side issue. Relationships in the Gulf are so important.
Family ties are very important.
No surprise then that Alwaleed's personal bank should go to Samba. It is a wonderful move for both parties. I am surprised he didn't do it before. There may be other reasons for the move. USB is already the product of a merger between Alwaleed's United Saudi Commercial Bank and Saudi Cairo Bank last year.