Riyadh - Mubasher: Arab National Bank (ANB) announced on Sunday that it has received the approval of the Saudi Arabian Monetary Agency (SAMA) to establish a 100% fully owned subsidiary in the Cayman Islands.
The new company will have the power to engage in derivatives trading and Repo activities, according to the bank’s statement to the Saudi Stock Exchange (Tadawul).
“We would like to draw the attention of the shareholders that there will be no financial impact on Arab National Bank's current consolidated financial statements resulting from the establishment of this company.”
“No related parties will be involved, and any developments regarding the establishment of this company will be announced later,” the statement added.
