Saudi SRC buys $67mln mortgage portfolio from Bank Aljazira

The two entities inked a memorandum of understanding that allows SRC to buy more mortgage portfolios from the bank.

  
Image used for illustrative purpose. Magnifying glass and banknote Saudi Arabia.

Image used for illustrative purpose. Magnifying glass and banknote Saudi Arabia.

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Riyadh – The Saudi Real Estate Refinance Company (SRC), a subsidiary of the Saudi Public Investment Fund (PIF), on Tuesday signed an agreement with Bank Aljazira to buy a SAR 250 million mortgage portfolio, the Saudi Press Agency reported.

The two entities inked a memorandum of understanding (MoU) that allows SRC to buy more mortgage portfolios from the bank.

SRC seeks to inject more liquidity into the Saudi mortgage sector through the acquisition of mortgage portfolios.

It is worth highlighting that Bank Aljazira’s net profit increased by 3.8% to SAR 256.9 million in Q3-19, compared to SAR 247.4 million in Q3-18.

Source: Mubasher

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