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Bank AlJazira sets up financial derivatives firm in Cayman

Bank AlJazira sets up financial derivatives firm in Cayman
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Riyadh – Mubasher: Bank AlJazira established a special purpose vehicle company based in the Cayman Islands under the name of “AlJazira Securities Limited.”

The company will execute financial derivatives transactions and repurchase agreements with international banks, according to a bourse filing on Monday.

The bank stated that it has obtained the approval from the Saudi Arabian Monetary Authority (SAMA) on 20 April. 

The liability company will be fully owned by Bank AlJazira and registered with an authorised capital of SAR 187,500 ($50,000).

No financial impact on the financial statements of the bank will be reflected as a result for the establishment of the company, the statement added.