News & Announcements

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SAB

28 November, 2024 19:52

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.

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