Bank AlJazira announces the establishment of a Special Purpose Vehicle company based in the Cayman Islands under the name of (Al Jazira Securities Limited), after obtaining the approval from Saudi Arabian Monetary Authority on 20-04-2017.
It is a limited liability company fully owned by Bank AlJazira, and registered with an authorized capital of USD 50,000 (equivalent to SAR 187,500). The company will be engaged and execute financial derivatives transactions and repurchase agreements with international banks.
We also wish to inform the shareholders that this has no financial impact on the financial statements of the Bank.