NCB and SPCC sign an Islamic Tayseer financing agreement of SAR700 million

April 3, 2014 1:28 pm

The National Commercial Bank (NCB) and Southern Province Cement Company (SPCC) entered into a financing agreement of Islamic Tayseer, amounting to 700 million Riyals for five years. The agreement was signed in Riyadh by His Highness Prince/ Abdullah bin Musa’ad bin Abdul Rahman Al Saud, Chairman of the Southern Province Cement Company and Mr. Mansour S. Al Maiman, Chairman of the National Commercial Bank, in the presence of officials from SPCC and NCB Corporate Banking group.

Al Maiman praised SPCC confidence and trust in selecting NCB to be a financing partner for the development and production works in the company, and expressed deep thanks and appreciation to His Highness Prince Abdullah bin Musa’ad Bin Abdul Rahman Al Saud to select NCB, the oldest national bank, to provide support such big national development project that SPCC introduces for our country.

“Financing a big and leading company the Kingdom and the region in the cement sector, comes in the context of SPCC capital expansions to meet its requirements and support its investments. It is also consistent with NCB vision in supporting the vital sectors of the Saudi economy. The size of finance provided by NCB to support corporate sector was estimated at 121 billion riyals over the last year, with an increase of 13% compared to previous.” Al Maiman added.

He concluded: “NCB vision is to finance the institutional and industrial sector with strategic development plans in order to meet the requirements of economic growth in the Kingdom. The Bank has plans to continue financing the mega, medium and small enterprises with a view to encourage and support all Saudi economic productive sectors.”

On the other hand, Saeed Al-Ghamdi, CEO of NCB, said that the bank is the pioneer in the field of financing the corporate sector, where the bank’s market share in this area is 16 %, which is the highest compared to the competition banks. Al-Ghamdi added: “The Bank has signed a lot of agreements to finance national projects and companies that contribute in the development of the Kingdom. The bank is endeavoring to introduce innovative new products compliant with Shariah meet the requirements of its customers in various sectors of the national economy.”

“These are the main pillars that NCB seeks to achieve through its continuous interest to provide the best services and financing programs for its customers, which showcases its leadership in this area. NCB is a strategic financer of many companies in the industrial sector with a share of 25% of the Bank’s total financing of the corporate sector.” Al-Ghamdi concluded