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Saudi British Bank (SABB) has signed a cooperation agreement with Takamol Business Services. The agreement aims to enhance SABB’s digital strategy by digitizing training programs offered by SABB Academy in collaboration with the Financial Academy, an initiative under the Financial Sector Development Program. The agreement was signed between Chief Human Resources Officer at SABB Dr. Nawaf Al-Husseini and Executive Vice President for Employment and Enablement Unit of Takamol Business Services Abeer Al-Hashimi, in the presence of Safa Al-Talhi, head of training delivery at the Financial Academ...

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JEDDAH: Saudi banking and financial experts have welcomed the Saudi Cabinet’s decision on Tuesday to approve the licensing of the first two local digital banks in the Kingdom — STC Bank and Saudi Digital Bank. STC Bank will be created from the conversion of STC Pay into a digital lender with paid-up capital of SR2.5 billion ($670 million), having received an investment of SR750 million from Western Union for a 15 percent stake. Saudi Digital Bank will have paid-up capital of SR1.5 billion and will include Al Moammar Information Systems Co. (MIS) and other investors. MIS shares soared on W...

2021-05-24T17:28:00+01:00 The Kingdom’s insurance sector closed the financial year 2020 on a high note with the aggregate net profit of local insurance firms, except for the Saudi Indian Company for Cooperative Insurance, rising to SR1.443 billion ($0.38 billion) in Q4, an increase of 47 percent year-on-year, according to data compiled by the financial news service Argaam. There were 13 insurers recording higher profits in 2020, led by the Mediterranean and Gulf Insurance and Reinsurance Co., which surged 1,081 percent, the Saudi Arabian Cooperative Insurance Co., which increased 545 perc...

Edaa announces capital market approval of ICSDs RIYADH, 5 days ago Saudi Arabia’s Securities Depository Center Company (Edaa) has announced the Capital Market Authority’s (CMA) approval of the International Central Securities Depositories (ICSD) Instructions. Through these changes, Edaa aims to develop a consistent regulatory environment which is aligned with international best practice and helps to raise the efficiency and attractiveness of the Saudi capital market for foreign investors, while increasing the demand for debt instruments and ETFs listed on the Saudi Exchange. This come...