Arab National Bank to open derivatives trading unit
The Saudi Arabian Monetary Authority has given its approval for Arab National Bank to establish a Special Purpose Vehicle for its financial derivatives activities.
The bank will establish a 100 per cent fully-owned subsidiary located in the Cayman Islands, with the power to engage in derivatives trading and repo activities.
“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,” a bourse filing read. “No related parties will be involved, and any developments regarding the establishment of this company will be announced later.”
Source: CPI Financial