The Saudi Arabian Monetary Agency, (Sama) has given its approval to Emirates Bank International to join the kingdom's clearing house under the code number 95.
Hamad Bin Saud Al Sayari, Sama governor, issued directives to all banks operating in the kingdom to handle cheques drawn on EB through the Riyadh clearing house until further notice.
Abdul Rahman Abu Ghalba, EB marketing and sales manager, urged ministry officials to instruct their departments to add the bank to their lists of client banks, noting the bank deals with all others in Saudi Arabia in regard to speed cash services.
Saleh Al Humaidi, the ministry's director of administrative and financial affairs, also instructed ministry departments to add the bank to their lists and inform employees about the new arrangement.
Meanwhile subscriptions to Al Bilad Bank's initial public offering, which ends today, are expected to set a record.
-Ends-
© Press Release 2005
