Dubai: Saudi Arabia's Arab National Bank (ANB) said yesterday it had received central bank approval to set up a fully owned subsidiary that could trade derivatives and repo agreements.
Establishing the subsidiary, located in the Cayman Islands, will have no impact on the company's current financial statements, the bank said. ANB is Saudi Arabia's seventh-largest lender by assets. The bank reported a 4.9 percent decline in fourth-quarter profit on Thursday.
Another Saudi bank, Alawwal Bank, said on Thursday it had received regulatory approval to launch a subsidiary that could trade derivatives and repo agreements.
