Riyadh – Mubasher: The Saudi British Bank (SABB) established SABB Markets Limited Company on Wednesday.

The new company is a limited liability subsidiary located and registered in the Cayman Islands, and fully owned by SABB, according to a bourse filing on Thursday.

The share capital of the firm is SAR 187,500 ($50,000). This company will have the power to engage itself in derivatives trading and repurchase agreement (REPO) activities.

The establishment of the company followed obtaining all the required regulatory, no-objection measures.

There will be no financial impact on the bank’s financial statements as a result for establishing this company.