Riyadh – Bank Albilad announced the establishment of a new subsidiary under the name Enjaz Payment Services Company with a capital of SAR 200 million.

The new subsidiary, headquartered in Riyadh city, is fully-owned by Bank Albilad, according to a stock exchange statement on Monday.

The payments and remittances activities, currently operated through a business division at the Saudi lender, will be transferred to Enjaz. This transformation will not have any financial impact.

Recently, the Saudi Central Bank (SAMA) licensed Enjaz Payment Services Company as a major electronic money institution (EMI).

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