Riyadh – Mubasher: Alawwal Bank announced finalising the establishment procedures of a special purpose vehicle, after local regulators had no objection to the move.
The company will be registered and located in the Cayman Islands under the name of Alawwal Financial Markets Ltd., according to a bourse filing on Monday.
The company is fully owned by the bank with an authorised capital of SAR 187,500 ($50,000). It will have the power to engage in derivatives trading and Repo activities.
The bank noted that there will be no financial impact on the current financial statements.
