| Element List | Explanation |
|---|---|
| Announcement Detail | Bank Albilad announces the incorporation of its subsidiary, Enjaz Payment Services Company, a closed joint stock company with share capital of SAR 200 million and its registered office in Riyadh. |
Enjaz Payment Services Company is owned 100% by Bank Albilad (directly and indirectly).
The payments and remittances activities, which are currently operated as a business division of Bank Albilad, will be transferred to Enjaz Payment Services Company. Such transformation will not have any financial impact.
Enjaz Payment Services Company is licensed by the Saudi Central Bank as a Major Electronic Money Institution (EMI).
Enjaz customers will continue to enjoy uninterrupted payments and remittances services which will be provided by Enjaz Payment Services Company.
The incorporation of Enjaz Payment Services Company is in line with Bank Albilad’s strategy. Any major developments in this regard will be announced in due course.
The Capital Market Authority and Saudi Exchange take no responsibility for the contents of this disclosure, make no representations as to its accuracy or completeness, and expressly disclaim any liability whatsoever for any loss arising from, or incurred in reliance upon, any part of this disclosure, and the issuer accepts full responsibility for the accuracy of the information contained in it and confirms, having made all reasonable enquiries, that to the best of their knowledge and belief, there are no other facts or information the omission of which would make the disclosure misleading, incomplete or inaccurate.