SAB signs SAR 190M contract with HSBC Global Services

Saudi Awwal Bank (SAB) signed a contract with HSBC Global Services (UK) Limited (Related Party) to replace the current Global and Receivable finance system with a new trade system.

The contract is valued at SAR 190.3 million, inclusive of VAT, SAB said in a statement to Tadawul.

The deal is expected to have a positive financial impact on the bank’s financial statements from 2025-2028.

The contract was signed without any preferential terms.