Riyadh – Mubasher: The National Commercial Bank (NCB) on Tuesday announced establishing a wholly-owned subsidiary company named Peregrine Aviation Topco Limited with an authorised capital of SAR 187,500 ($50,000).

Located in the Cayman Islands, the new company is a limited liability self-financed firm, according to NCB’s statement to the Saudi Stock Exchange (Tadawul).

“This company is authorised to invest by way of lending or equity subscription in a vehicle which will acquire, lease and sell aircraft”, NCB’s statement added.

The firm’s establishment has no impact on NCB's current financial statements, the bank concluded.

NCB's stock closed Tuesday at a slight rise of 0.10% to SAR 50.10.