Logo of Saudi Awwal Bank (SAB)
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.
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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.
Anthony Cripps has an indirect interest in this contract as board member who represents the foreign partner HSBC Holdings BV. Samir Assaf has an indirect interest in this contract as board member, who represents the foreign partner HSBC Holdings BV.
Similarly, Stephen Moss has an indirect interest in this contract as board member who represents the foreign partner HSBC Holdings BV.
The Hongkong and Shanghai Banking Corporation Limited BV owns 31% of SAB.
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