Saudi NCB wins approval to set up derivatives trading unit
DUBAI Dec 29 (Reuters) - National Commercial Bank , Saudi Arabia's largest lender, has received regulatory approval to set up a subsidiary to engage in derivatives trading and repo activities, the lender said on Tuesday.
The Cayman Islands-based unit, The Saudi National Commercial Bank Markets Limited, will be 100 percent owned by NCB and have a paid-up capital of $50,000, a bourse statement said.
NCB said there would be no financial impact on NCB's current financial statements due to the establishment of the company. (Reporting by Nadia Saleem, editing by William Hardy)
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