SABB joins Muqassa as general clearing member

Saudi British Bank (SABB) joined the Securities Clearing Center Co. (Muqassa) on July 14, 2020 as a general clearing member to conduct clearing activities in the Saudi Stock Exchange, the bank said in a bourse statement.

The step comes in line with initiatives of the Financial Sector Development Program (FSDP), the bank said, adding that its membership helps play a major role in providing the new clearing services.

According to data available with Argaam, Muqassa recently said it will commence operations on August 30, 2020, following the announcements of its establishment in 2018 and its license earlier this year.