SABB sets up special purpose vehicle in Cayman Islands

18/05/2017 Argaam

The Saudi British Bank (SABB) has established SABB Markets Limited Co., a special purpose vehicle for its financial derivatives and repo activities, in the Cayman Islands, after obtaining regulatory approvals.

 

The new entity, which is wholly-owned by SABB, has SAR 187,500 ($50,000) in capital, the bank said in a bourse statement Thursday.

 

There will be no financial impact on the bank financial statements as a result of establishing the new company, SABB added.

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