Bank Albilad, a Saudi joint stock company, headquartered in Riyadh, has successfully carve out of its remittance business, Enjaz, into a new payment services company.
The new company has been licensed by the Saudi Central Bank (“SAMA”) as a major electronic money institution (EMI) under its Payment Service Provider Regulations.
The payments and remittances activities, which are currently operated as a business division of Bank Albilad, will be transferred to Enjaz Payment Services Company, ensuring uninterrupted payments and remittances services for Enjaz customers.
AS&H in cooperation with Clifford Chance advises Bank Albilad in this matter. The AS&H team was led by partners Mansoor Alhagbani (head of capital markets and regulatory Riyadh office, pictured) and Sahel Mughal (corporate and capital markets, pictured) with support from corporate & equity capital markets team members senior associates Mohammed Al-Esheikh and Abdulrahman Alrashed working alongside associates Ismaila Ngum, Abdullah Alhuwayshan, Naif Alsheikh, Nawaf Mutwalli and Khaled Albakr.