Saudi wealth fund PIF backs new $440m digital bank – ArabianBusiness.com
- Date: 15-Feb-2022
- Source: Arabian Business
- Sector:Financial Markets
- Country:Saudi Arabia
Saudi wealth fund PIF backs new $440m digital bank – ArabianBusiness.com
Saudi Arabia’s sovereign wealth fund is a key investor in a new digital bank being established in the kingdom with a capital of SR1.65 billion ($440 million).
The Saudi cabinet approved a licence for D360 bank on Tuesday, the central bank said in a statement.
The digital bank is backed by a “consortium of individual and corporate investors” led by Derayah Financial Company, while the kingdom’s Public Investment Fund is “one of its key investors,” according to the statement.
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