For the first time in The Kingdom, SABB launches online registration service for NCCI IPO

This step will facilitate the registration procedures and loading of investors' personal details.

Mr. Sulaiman Al-Hamdan, SABB's Deputy Managing Director, said: "Online registration service is an alternative procedure for submission of subscription details through electronic channels before the customer visits his bank branch. The customer can obtain the Subscription Application Form from the web site, print and fill it out before processing it at his bank branch.

"Application Form obtained through the website will be treated as an original form issued for this purpose and will be given a reference number by the system automatically. The website will also enable the investors to load their personal and subscription details online. This will save the processing time at the customer's bank and avoid the problem of possible shortage of Application Forms."

Mr Al-Hamdan added, "The website will be available for all local banks and their customers so that applicants can complete the application form from the convenience of their homes through the websites of the receiving banks or NCCI site on the Internet." "The website, he continued, will also provide many useful information on how to complete the form, terms and conditions of the IPO and FAQ. The site will not be restricted to NCCI IPO self registration only, but investors can also register through this site for any future IPOs managed by the SABB."

Al-Hamdan further added, "During the year SABB had many successes. One of the highlights was being recently rated as the "Best Bank in the Kingdom of Saudi Arabia for 2004" for the second year in a row by the Euromoney Magazine. Mr Hamdan keen to see that SABB as manager of this IPO to achieve all out success of the process at the Bank as well as at other participant banks. He emphasised SABB's concern to safeguard the rights of the subscribers and to serve them by all available means in order to make the subscription process easier. SABB took the initiative to develop the electronic system for NCCI IPO and provided other banks and their customers with the opportunity to benefit from this system in an effort by SABB to provide the easiest and most convenient methods of subscription for all subscribers."