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The Saudi Arabia-based Amlak International Finance Company has sold its consumer finance contracts portfolio to Saudi National Bank (SNB) for 133.67 million riyals ($35.6 million) in a bid to strengthen its liquidity position and diversify funding.
As part of the sale and service agreement, Amlak reserves the right to sell additional finance contracts to SNB up to an aggregate value of SAR 500 million.
The transaction also establishes a framework for ongoing portfolio sales between the two parties, providing a repeatable mechanism for Amlak to monetise consumer finance assets and access liquidity over time.
Amlak said proceeds from the sale will be used to support its operations and business activities.
(Writing by Bindu Rai, editing by Brinda Darasha)
