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The Saudi British Bank (SABB) won the Best General Clearing Member Award for the year 2022 during the Saudi Capital Market Forum held in Riyadh on February 13, 2023, and organized by the Saudi Tadawul Group. The award recognizes SABB’s efforts in delivering the best post trade cash clearing and settlement services to financial institutions in the Kingdom.
Mr. Tony Cripps, Managing Director and CEO of SABB, received the award at the forum, in the presence of a group of decision-makers, businessmen, representatives of government institutions, international investment companies and financial institutions.
SABB earned this award in recognition of its outstanding performance, by achieving the best record in the field of cash clearing and settlement during the year 2022, based on the specified terms and criteria, and evaluated by an independent committee that brings together elite specialists from the CFA Association in the Kingdom and the Investor Relations Association in the Middle East.
Mr. Tony Cripps commented on this occasion: “We are proud to have won this prestigious award, which reflects our excellence in providing cash clearing and settlement services. This achievement adds to the bank’s track record success, and supports its role in developing and expanding the Saudi financial sector in line with the Financial Sector Development Program and the Kingdom’s Vision 2030.”
Mr. Yasser Albarrak, Chief Corporate and Institutional Banking Officer at SABB commented: “As a General Clearing member of the Securities Clearing Company, we are committed to our role as an active partner in achieving the Kingdom’s aspirations and contributing to the development of financial markets. We are also delighted to continue our journey in supporting financial institutions and providing quality solutions, in light of the growth, diversity and maturity of the financial market in the Kingdom.”
SABB joined the Securities Clearing Center Company (Muqassa) as a general clearing member in July 2020, to carry out cash clearing operations for the securities traded in the market and the products that fall under it in the Saudi financial market. Muqassa was established with the aim of developing clearing services, enhancing transparency in line with international standards, improving risk management and developing the market infrastructure and the financial sector.