Saudi CMA imposes SAR 100,000 fine on Arab National Bank

03/05/2017 Argaam

Saudi Arabia’s Capital Market Authority (CMA) has fined Arab National Bank (ANB) SAR 100,000 for violating the corporate law, the regulator said in a statement to Tadawul Wednesday.

 

The bank failed to obtain a prior license from its general assembly meeting to sign two insurance contracts with MetLife AIG ANB Cooperative Insurance Co., a related party, in February 2017.

 

The insurer is 29.94 percent-owned by Arab National Bank. 

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