The Saudi Ground Services Company (SGS) will provide a credit facility $133.3mln to Saudi British Bank (SABB) earmarked to cover the working capital required for operational operations, Zawya reports.
SABB will pay back the murabaha credit after 30 months per the signed agreement.
The kingdom’s aviation ground handling services company also indicated that the loan will provide the bank “agility to reduce the impact of the pandemic on funding the working capital requirements while continuing with the strategic initiatives to grow the company and elevate the services”.
SABB, a joint Saudi joint stock company, provides personal, private, and corporate banking services to customers across the Gulf country. It operates, according to its profile, a network of about 80 branches (including more than a dozen locations exclusively for women), offering deposits, loans, and Takaful (cooperative insurance that complies with Islamic law).
The bank was named in June the “Best Trade Finance Bank in Saudi Arabia” for the year 2020, by the Global Trade Review (GTR) magazine.