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RIYADH – The Arab National Bank (ANB) has reached an agreement with Cashee, an Emirati tech start-up that provides banking services, to acquire a stake in the latter.
However, the Saudi lender did not disclose in its press release the number of shares it acquired and its value.
The deal is in line with ANB’s efforts to strengthen its banking services targeting younger generations and expand the reach of financial literacy and inclusion. It will also help Cashee launch its banking and knowledge solutions, applications and products in the Saudi market.
Founded in 2020 and headquartered in Dubai, Cashee aims to promote financial inclusion among young people in the MENA region.
Aiedh Al Zahrani, Chief Operating Officer and Head of Retail Banking Group at ANB, said: “The partnership between ANB and Cashee aims to develop the first banking app of its kind in Saudi Arabia to promote a financial culture among Saudi youth, encouraging savings, financial knowledge and other worthy goals as the bank’s contribution to one of the main goals of the 2030 Vision.”
In the first half (H1) of 2022, ANB’s net profit increased by 28.76% to SAR 1.35 billion, compared to SAR 1.05 billion in the same period last year.
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