Saudi British Bank (SABB)

SEDCO Holding Group Signs a Partnership Agreement with Saudi British Bank

SEDCO Holding Group signed a partnership agreement with the Saudi British Bank (SABB), for its Riyali Financial Literacy Program. The agreement was signed by Hasan Al Jabri, CEO of SEDCO Holding Group, and Naif Alabdulkareem, General Manager Retail Banking at SABB. The Riyali Financial Literacy Program attained the Ministry of Education’s endorsement to roll out the program in grade school as well as universities. The program aims to educate future generations on the importance and benefits of financial awareness. The program has already reached more than 400,000 beneficiaries and aims to reach 2 million beneficiaries by 2020.

#Saudi bank #merger presses ahead after delays

The proposed merger of Saudi British Bank (SABB) and Alawwal Bank has been delayed but not derailed. The two banks announced in April that they had agreed to start talks, but progress has since faltered because of the complexity of the deal. Progress on the SABB-Alawwal merger has taken longer than expected because the regulatory environment for bank acquisitions in Saudi Arabia is relatively untested. Meanwhile, dozens of princes, high officials and senior businessmen were detained in November in a corruption crackdown. Among those was SABB vice chairman Khalid Bin Abdullah al-Mulhem. Almost all banks in Saudi Arabia were affected by the crackdown when authorities ordered the freezing of more than 2,000 accounts across the sector. A merged Alawwal and SABB would rank as the third-largest bank in Saudi Arabia with assets of $77.6bn, behind National Commercial Bank and Al Rajhi Bank.

NSCSA secures loan to purchase 4 ships

National Shipping Company of Saudi Arabia (NSCSA) has signed a Murabaha financing agreement with the Saudi British Bank (SABB) and the National Commercial Bank for SR822.6 million ($219 million). The money will be used to finance 80% of the cost of constructing two general cargo ships and 20% will be financed by the company and optional two ships that were contracted with Hyundai MIPO Shipyard in South Korea earlier this year.
Repayment will start after three months from taking delivery of the ships and will be repaid in equal quarterly installments and a balloon payment at the end of the tenor of about (30 %) of the contract value.

MIGA covers Murabaha Facility for Indonesia telecoms expansion

The Multilateral Investment Guarantee Agency (MIGA) has given $450 million in investment guarantees to support the expansion of telecommunications services in Indonesia.
MIGA’s guarantees are backing a $450 million Murabaha financing facility underwritten by Deutsche Bank and Saudi British Bank (SABB). The new financing is going to help the company increase network quality, expand coverage, and build more network capacity.

SABB, ALJ sign Islamic finance deal

The Saudi British Bank (SABB) recently signed Islamic finance agreements totally valued at SR2 two billion with Abdul Latif Jameel Group of companies.
The deal includes three securitization agreements for the benefit of the United Installment Sales Co. Ltd. (UIS), through which SAAB will buy a group of vehicles leased to UIS clients, appoint UIS as a management and collection agent, and a stock finance Murabaha agreement.

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