RIYADH: Al-Rajhi Bank received the green light on completing an acquisition of Ejada Systems Company Ltd, according to Saudi Arabia’s General Authority for Competition's approval on Sunday.
The completion process came as an extension to the bank of the future strategy, which was launched by Al-Rajhi Bank in 2020.
As a result of the process, the bank has fully acquired the company after obtaining the required approvals from regulatory entities, according to Al-Rajhi Bank’s release.
The bank aims to develop its digital capabilities with the latest technologies that will contribute to its digital transformation, to provide the best financial solutions.
CEO of the Bank, Waleed Al-Mogbel, clarified that the deal will contribute to the development of products and services provided to customers, especially in the digital banking services.
Ejada is an information technology services provider in MENA, providing its clients with the ability to maintain and increase its competitiveness through innovative technical solutions.