JEDDAH, 25 May 2007 — The National Commercial Bank (NCB) will be the recipient bank for six new subscriptions at one time for a group of insurance companies. The subscription started last Saturday and will continue until May 28. AlSharif Khalid Al-Ghalib, NCB head of Individual Banking Sector, pointed out that 95 percent of requests for subscriptions were executed for the first two days through the alternative channels of the bank which operate around the clock, such as the Internet, telephone banking and automated devices.
He added that the six companies that the bank was receiving requests for were: Al-Takaful Company, United Cooperative Insurance (ACIJ), National Company for Cooperative Insurance (Al-Ahlia), Federation of Gulf Insurance Cooperative, Saudi Indian Cooperative Insurance Company, and Saudi Arab Company for Cooperative Insurance.
He added that the alternative service channels witnessed a huge turnout recently, the opposite of what it was in the past when the rate of subscription executed via electronic channels of the bank were no more than 36 percent two years ago.
Al-Ghalib attributed the reason for the increase in the proportion of subscription requests executed via alternative channels of the bank to the increased awareness and confidence of subscribers and effective ease and speed of implementation of subscription.
These channels contributed significantly to facilitation of recent subscriptions and lightened the congestion at receiving bank branches.
This subscription is the second time conducted by the financial market in offering subscription of several companies simultaneously, he added.
