Bank Albilad announced the incorporation of its subsidiary, Enjaz Payment Services Company, a closed joint stock company with share capital of SAR 200 million and its registered office in Riyadh. Enjaz Payment Services Company is owned 100% by Bank Albilad (directly and indirectly). The payments and remittances activities, which are currently operated as a business division of Bank Albilad, will be transferred to Enjaz Payment Services Company.

Such transformation will not have any financial impact. Enjaz Payment Services Company is licensed by the Saudi Central Bank as a Major Electronic Money Institution (EMI). Enjaz customers will continue to enjoy uninterrupted payments and remittances services which will be provided by Enjaz Payment Services Company.

The incorporation of Enjaz Payment Services Company is in line with Bank Albilad-s strategy.