Latest news with #SaudiAwwalBank
Arab News
5 days ago
- Business
- Arab News
SAB partners with IDEMIA to launch innovative card activation solution
Saudi Awwal Bank has become the first bank in the Kingdom to implement IDEMIA Secure Transactions' 'Tap to Activate' solution. This initiative is part of SAB's commitment to enhancing customer transactions and providing a seamless and secure banking experience. The 'Tap to Activate' solution will integrate both physical and digital payment experiences, allowing their customers to efficiently activate new payment cards by simply tapping on their smartphone. The service's robust authentication protocols allow for a secure, convenient, and hassle-free process that ensures that only the customer can activate their card, eliminating the need for ATMs or phone banking. Bandar Al-Gheshayan, chief wealth and personal banking officer at SAB, said: 'SAB is proud to launch the innovative 'Tap to Activate' solution in the Kingdom, reaffirming our commitment to secure and seamless banking experiences. By leveraging cutting-edge technology and our longstanding partnership with IDEMIA Secure Transactions, we continue to meet the evolving needs of our customers. This initiative enhances convenience, supports the Kingdom's broader digital transformation goals, and sets new standards in customer experience.' Serigne Dia, vice president of payment services, Middle East and Africa, IDEMIA Secure Transactions, said: 'We are excited to strengthen our partnership with SAB through the launch of the innovative 'Tap to Activate' solution. In today's era of convenience, simplifying the user experience has never been more crucial. SAB's keen understanding of evolving consumer needs and market trends exemplifies their customer-centric and forward-thinking approach. By moving beyond the physical card and entrusting IDEMIA Secure Transactions with a digital solution, SAB affirms the high-quality standards that we are trusted to deliver.' SAB and IST share a longstanding partnership, having previously collaborated on eco-friendly rPVC payment cards for the bank's customers and exclusive premium metal cards for its high-net-worth clients. This latest venture underscores their shared commitment to innovation and customer-centric financial solutions. SAB remains at the forefront of driving innovation and advancing digital infrastructure, fully aligned with Saudi Arabia's Vision 2030 goals of building a robust and secure digital economy. By harnessing cutting-edge technologies and introducing pioneering secure banking solutions, SAB continues to play a vital role in transforming the financial sector.
Zawya
6 days ago
- Business
- Zawya
Saudi Arabia's Pan Gulf secures $19mln Islamic loan Saudi Awwal Bank
The Saudi Arabia-based Pan Gulf Marketing Company has secured a 70 million Saudi riyal ($18.66 million) Shariah-compliant facility from Saudi Awwal Bank (SAB). The one-year facility will be used to boost its working capital, issue government and non-government guarantees and letters of credit. The facility is guaranteed by a promissory note. In October 2024, the company secured Shariah-compliant credit facilities of SAR 135 million from Banque Saudi Fransi to support its working capital needs. (Editing by Brinda Darasha;
Zawya
23-05-2025
- Business
- Zawya
Alinma continues Saudi AT1 splurge: IFR
Alinma Bank became the fourth Saudi Arabian bank in less than a month to issue in the US dollar AT1 market, with its deal coming in line with where the two most recent ones priced. Alinma, which is a publicly listed Islamic bank, though wealth fund Public Investment Fund also owns a 10% share, showed liquidity hasn't dried up despite the supply glut in recent weeks. Its deal on Tuesday came days after Saudi Awwal Bank and Bank Albilad both issued, with Banque Saudi Fransi kicking off this round of supply in late April. With the exception of BSF, the other three were issued in sukuk format. All have come tight, even though secondary market performance hasn't held up, with the deals preceding Alinma trading below par. Against that context, a lead banker said the outcome of the Alinma trade "was strong". As with Awwal and Albilad, Alinma was issuing a perpetual non-call 5.5-year AT1 note. There were subtle differences between the three. Awwal and Albilad were making their debuts; Alinma was returning with its second trade. Alinma and Awwal both had ESG labels – sustainable in the case of Alinma and green for Awwal. Albilad didn't have an ESG label. Also, Awwal's structure was not compliant with AAOIFI standards, so its buyer base was limited as UAE banks were not allowed to participate. In contrast, both Alinma and Albilad were AAOIFI-compliant. Alinma opened books on its deal at the 7% area. But with final orders at over US$1.75bn, the bank was able to print US$500m at 6.5%. The yield was in line with where Awwal and Albilad landed, though size-wise Alinma's deal was smaller, with the other two raising US$650m each. The lead said the bank "didn't push on size" given the tight pricing. He also said the AAOIFI compliance was "less relevant" for demand because of the amount of recent supply. Faisal Ali, senior portfolio manager at Azimut, said the price came in line "with our fair value target". "We were hoping to see some concession on Alinma given elevated supply from the Saudi AT1 space. However, given the demand for high-yield sukuk, the deal got done without the bank leaving anything on the table," he said. He said the bank's credit profile is supported by its stable asset quality combined with high reserves that cover non-performing loans, rising profitability and solid funding and liquidity profile. That credit strength is balanced by the bank's concentrated loan book as well as its funding profile. "The bank has experienced high growth over the last few years, which translates into an unseasoned loan book. Asset quality is likely to weaken going forward, thereby putting some pressure on reserves and capital buffers," he said. Alinma is rated A2 by Moody's and A– by Fitch. Abu Dhabi Islamic Bank, Alinma Capital, Emirates NBD Capital, JP Morgan, Goldman Sachs and Standard Chartered were the lead managers.
Arab News
22-05-2025
- Business
- Arab News
SAB and HSBC to power Riyadh Air's expansion across Mideast, Asia
Saudi Awwal Bank, one of the leading banks in Saudi Arabia, and HSBC, the global banking and financial services organization, have together been awarded the Middle East and Asia cash management mandate for Riyadh Air, Saudi Arabia's digital native carrier, as it prepares to commence operations this year. For more than 70 years, HSBC and SAB's banking partnership has enabled clients in the Kingdom to grow domestically and expand internationally. Together, SAB and HSBC will work closely with Riyadh Air to provide an integrated and seamless cash management program to manage all payment and liquidity needs across the two regions. As a domestic house bank, SAB will oversee operations within Riyadh Air's home market of Saudi Arabia when it begins operations, including facilitating payments and liquidity management. Additionally, SAB has been mandated as one of the acquirers for Riyadh Air's e-commerce transactions, further enhancing the airline's operational capabilities. Simultaneously, HSBC will support Riyadh Air with its planned expansion in markets across the wider Middle East and Asia. The mandate will enable Riyadh Air to leverage HSBC's award-winning payments solutions including Virtual Accounts, Omni Collect and automated sweeping solutions, ensuring efficient cash management and seamless liquidity across their international operations. Executives from SAB and HSBC joined Riyadh Air at its new head office at the GACA Campus on Airport Road, for a signing ceremony to mark the partnership. Yasser Albarrak, chief corporate and institutional banking officer at SAB, said: 'We are proud to support Riyadh Air as it embarks on a journey to redefine aviation travel in the Kingdom. This partnership highlights our commitment to providing innovative banking solutions that empower groundbreaking projects in Saudi Arabia, ensuring that Riyadh Air can achieve its vision of transforming the travel experience.' Adam Boukadida, CFO of Riyadh Air, said: 'We are proud to be partnering with SAB and HSBC as we embark on our journey to revolutionize air travel. This collaboration will enable us to manage our financial operations effectively, ensuring a smooth launch and seamless service delivery.' Kyle Boag, head of global payments solutions, HSBC Middle East, North Africa and Turkiye, said: 'Connecting clients across the world is at our core. This mandate underscores HSBC's world-leading payments solutions, our expertise in the aviation sector and our commitment to Saudi Arabia's growth. As the largest international bank across Asia and the Middle East, we will provide Riyadh Air with seamless cash solutions as they take flight to new markets.'
Saudi Gazette
21-05-2025
- Business
- Saudi Gazette
Saudi Awwal Bank wins Euromoney Best Bank for ESG award for third consecutive year
Saudi Awwal Bank (SAB) has once again been named 'Best Bank for ESG' in Saudi Arabia by Euromoney for the third consecutive year, reaffirming the bank's leadership in driving sustainable finance and advancing ESG principles across the Kingdom's banking sector. This prestigious recognition reflects SAB's continued commitment to embedding environmental, social, and governance (ESG) values into its operations, reporting, and stakeholder engagement. The bank's sustainability strategy focuses on creating long-term value while supporting Saudi Arabia's Vision 2030 goals and the global sustainable development agenda. Tony Cripps, Managing Director & CEO of SAB, stated: 'Receiving this award for the third consecutive year is a powerful validation of our journey toward responsible banking. At SAB, sustainability is not an initiative—it is a core part of how we serve our clients, support our communities, and steward the future.' Over the past year, SAB has strengthened its ESG reporting, expanded green financing initiatives, supported community resilience programs, and partnered with leading institutions to champion sustainable innovation—including in sectors such as regenerative agriculture, clean energy, and Fintech. As part of its green finance efforts, SAB issued its inaugural USD 650 million Additional Tier 1 Green Sukuk, with proceeds dedicated to eligible environmental projects. This is the first green-labelled Sukuk issued by a bank in Saudi Arabia, as it aligns with Shariah principles and international green finance frameworks and was validated by a Second Party Opinion from S&P Global latest award follows a series of accolades SAB has earned, including but not limited to 'Sustainability Program of the Year 2024' at the Capital Markets Forum, 'Best Bank in Saudi Arabia' and 'Best Private Bank' by continues its leadership role as the first bank in the Kingdom to implement a comprehensive sustainability strategy, including commitments to achieve Net-Zero operational emissions by 2035 and Net-Zero including financed emissions by Bank also aims to allocate SR34 billion by 2025, in line with its commitment to support the Kingdom's strategic ambitions.
