Arab National Bank gets nod to set up company in Cayman Islands

22/01/2017 Argaam

Arab National Bank (ANB) has obtained the approval of the Saudi Arabian Monetary Authority (SAMA) to set up a Special Purpose Vehicle in the Cayman Islands, the bank said in a statement to Saudi bourse, Tadawul.

 

The fully-owned subsidiary will engage in derivatives trading and Repo activities. It will however have no impact on the company’s consolidated financial statements, the statement added.

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