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The Saudi Awwal Bank Announces Signing a Contract with HSBC Global Services (UK) Limited
| Element List | Explanation |
|---|---|
| Introduction | The Saudi Awwal Bank announces signing a contract with HSBC Global Services (UK) Limited (Related Party) to replace the current Global and Receivable finance system with a new Trade system. |
| Date of Announcement of the Award | 2024-11-28 Corresponding to 1446-05-26 |
| Contract Subject Matter | Replace the current Global and Receivable finance system with a new Trade system. |
| The Entity with Which the Contract was Signed | HSBC Global Services (UK) Limited |
| Date of Signing the Contract | 2024-11-28 Corresponding to 1446-05-26 |
| Contract Value | An amount of (190,340,813) only one hundred ninety million, three hundred forty thousand eight hundred and thirteen Saudi Riyals (Including VAT). |
| Contract Details | To replace the current Global and Receivable finance system with a new Trade system starting from 28 November 2024. |
| Contract Duration | The duration of the contract is for two years. |
| Financial Impact and the Relevant Period | It is expected that it will have a positive impact on the financial results for the years from 2025 to 2028. |
| Related Parties | • Mr/ Anthony Cripps has an indirect interest in this contract as board member who represents the foreign partner HSBC Holdings BV. • Mr/ Samir Assaf has an indirect interest in this contract as board member who represents the foreign partner HSBC Holdings BV. • Mr/ Stephen Moss has an indirect interest in this contract as board member who represents the foreign partner HSBC Holdings BV. |
| Additional Information | The Saudi Awwal Bank confirms that this contract was made through competition without preferential terms or advantages. |
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.
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