Saudi Awwal Bank (SAB) signed a contract with HSBC Global Services (UK) Limited (Related Party) to replace the current Global and Receivable finance system with a new trade system.
The contract is valued at SAR 190.3 million, inclusive of VAT, SAB said in a statement to Tadawul.
The deal is expected to have a positive financial impact on the bank’s financial statements from 2025-2028.
The contract was signed without any preferential terms.
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