SAIB sets up $50,000 special purpose vehicle in Cayman Islands

The Saudi Investment Bank (SAIB) has established a special purpose vehicle (SPV), SAIB Market Company, in the Cayman Islands with an authorized capital of SAR 187,500 ($50,000), the lender said in a statement to Tadawul.

“The company will be engaging in the execution of financial derivatives transactions and repurchase agreements with international banks,” the bank said, adding that the SPV won’t have financial impact on its statements.