Riyadh – Mubasher: Saudi Awwal Bank (SAB) inked a contract with HSBC Global Services (UK) Limited to replace the current global and receivable finance system with a new trade system.
The two entities penned the agreement, on 28 November 2024, at a value of SAR 190.34 million, according to a bourse disclosure.
SAB highlighted that the deal would be valid for two years and expected that it would have a positive impact on the financial results for the years from 2025 to 2028.
As of 30 September 2024, the Saudi lender logged net profits valued at SAR 5.94 billion, higher by 15.52% than SAR 5.14 billion in 9M-23.
