SABB Securities opens for business

It is the latest addition to the rapidly growing SABB/HSBC group of companies operating in Saudi Arabia,

This follows the granting of an operational license by the Kingdom's Capital Market Authority (CMA) in June.

SABB Securities is now the official operating company for all SABB's equity brokerage and securities services businesses formerly offered by SABB itself. It was established in compliance with the CMA's requirements for banks to separate certain businesses into independent entities.

Jehaan Ismail, Chief Executive Officer of SABB Securities commented:

"The formation of the new company dedicated to brokerage and securities services enables us to focus even more closely on the needs of our customers, thus further enhancing the quality of service we give them. But clients will also continue to benefit from SABB Securities' close association with both SABB and the HSBC Group which have a preeminent position in the financial services industry in Saudi Arabia."

SABB Securities offers the full range of brokerage services including domestic, GCC and international equity brokerage. Trading is offered through a variety of channels including on-line services, toll-free phone call centres and investment centres.

In addition, SABB Securities offers custody and clearing services to both local and foreign corporate and institutional investors, including the safekeeping of securities, receipt and delivery of securities, conversion of share certificates, portfolio reporting, corporate action reporting and payments collection. It will also be involved in the floatation management of IPO's, rights issues, dematerialization of shares, promotion of institutional fund services products to external fund managers, fund administration services and back office support to newly formed non-bank financial institutions.