Bank Aljazira shareholders approve contracts with related parties

Logo of Bank Aljazira

Bank Aljazira’s shareholders approved the transactions and contracts that will take place between the bank and related parties – Aljazira Cooperative Takaful Co. and AlJazira Capital Co. – during the ordinary general meeting (OGM) held on April 29, 2021.

For the bank’s contracts with Aljazira Takaful, Abdulmajeed Al-Sultan, a bank board member, is deemed a related party, as he has an indirect interest, being a board member of the insurance firm.

These contracts are the collective insurance agreement for the personal finance portfolio, the collective insurance agreement for the real estate finance portfolio, the collective insurance services agreement for the bank’s employees, the loan portfolio protection services agreement for the bank’s employees and their licensing for the next year.

These transactions reached SAR 168.3 million in 2020 and were concluded without any preferential treatment.

Meanwhile, Naif Al-Abdulkareem, a board member of Bank Aljazira, has an indirect interest, being a board member of AlJazira Capital.

These agreements are mutual services, Tammam product sharing agreement, a special commission expense agreement on time deposits, and branch lease expense agreement and their licensing for the next year. These transactions were valued at SAR 17.6 million in 2020 and were concluded without any preferential treatment.

Shareholders also approved others items on the agenda during the meeting.