Armanius Posted January 25, 2019 Share Posted January 25, 2019 https://xrparcade.com/news/confirmed-ripplenet-member/ According to the report, titled: “Blazing a transformation trail: Saudi Arabia’s new digital frontier”, ” SABB is one of the three banks approved by the central bank to test connections with Ripple for instant settlement of crossborder transfers using blockchain technology”. This statement comes from Ghada Al Jarbou, the Head of Global Liquidity and Cash Management of SABB. Moreover, she added that SABB has just gone live in the end of December, 2018, damascus1986, Hodor, Julian_Williams and 6 others 4 5 Link to comment Share on other sites More sharing options...
Archbob Posted January 25, 2019 Share Posted January 25, 2019 Looks like good news, more inroads into the Middle East. Hodor 1 Link to comment Share on other sites More sharing options...
Guest Posted January 25, 2019 Share Posted January 25, 2019 SABB is owned by HSBC Link to comment Share on other sites More sharing options...
davygravy77 Posted January 25, 2019 Share Posted January 25, 2019 Just now, AlexCobb said: SABB is owned by HSBC And the dominoes keep lining up Link to comment Share on other sites More sharing options...
Archbob Posted January 25, 2019 Share Posted January 25, 2019 6 minutes ago, AlexCobb said: SABB is owned by HSBC That is not a accurate statement: https://en.wikipedia.org/wiki/Saudi_British_Bank HSBC holdings only owns a minority stake in SABB. SABB and HSBC have a joint venture called "HSBC Saudi Arabia Limited" in which SABB actually has a majority stake(51%) in. So no, HSBC does not own SABB, they are seperate entities. aye-epp, xrpmeplease, k33bym and 2 others 3 2 Link to comment Share on other sites More sharing options...
RecentChange Posted January 25, 2019 Share Posted January 25, 2019 Are they using xCurrent or xRapid? Link to comment Share on other sites More sharing options...
Guest Posted January 25, 2019 Share Posted January 25, 2019 28 minutes ago, Archbob said: That is not a accurate statement: https://en.wikipedia.org/wiki/Saudi_British_Bank HSBC holdings only owns a minority stake in SABB. SABB and HSBC have a joint venture called "HSBC Saudi Arabia Limited" in which SABB actually has a majority stake(51%) in. So no, HSBC does not own SABB, they are seperate entities. Huh, well their logo is exactly the same as HSBC. also read from that same Wikipedia page that HSBC "acquired" SABB in 1959 Link to comment Share on other sites More sharing options...
Archbob Posted January 25, 2019 Share Posted January 25, 2019 (edited) SABB was created in in 1978 well after the acquisition. They are affiliate with HSBC, but they are not owned by HSBC. They were created in response to Saudi regulations restricting foreign ownership of banks. HSBC basically incorporated them as an affiliate to mange branches in Saudi Arabia. They are 60% Saudi owned and 40% HSBC owned. Edited January 25, 2019 by Archbob aye-epp and Sharkey 1 1 Link to comment Share on other sites More sharing options...
Armanius Posted January 25, 2019 Author Share Posted January 25, 2019 (edited) 38 minutes ago, strikerjax said: Are they using xCurrent or xRapid? Probably xCurrent for now. I guess they gonna pilot xRapid first before jumping into it. Edited January 25, 2019 by Armanius Link to comment Share on other sites More sharing options...
GrayFox Posted January 26, 2019 Share Posted January 26, 2019 3 hours ago, AlexCobb said: SABB is owned by HSBC Not really, HSBC owns a minority stake in the bank (around 40%). It was one of the earliest banks to open shop their but some of the Gulf countries are akin to China where they don't like foreign ownership of certain sectors and the state tends to own the controlling stakes. As of now, Saudi Arabia owns 60% stake in the bank so its not entirely true to say HSBC owns it but they do play an incredible role in many of the Bank's ventures and have partnered on many projects. If anything SABB might be the xRapid gateway drug for HSBC Cesar1810 and King34Maine 2 Link to comment Share on other sites More sharing options...
King34Maine Posted January 26, 2019 Share Posted January 26, 2019 4 hours ago, AlexCobb said: Huh, well their logo is exactly the same as HSBC. also read from that same Wikipedia page that HSBC "acquired" SABB in 1959 Wikipedia is not exactly the best source of information FYI Cesar1810 and Sharkey 1 1 Link to comment Share on other sites More sharing options...
Archbob Posted January 26, 2019 Share Posted January 26, 2019 Wiki is actually right though, he just selectively read parts of the article and didn't read the entire article. Zerp_Legend 1 Link to comment Share on other sites More sharing options...
BrownBear Posted January 26, 2019 Share Posted January 26, 2019 7 hours ago, King34Maine said: Wikipedia is not exactly the best source of information FYI Wait what? So I cannot base my thesis on Wiki articles? Link to comment Share on other sites More sharing options...
aye-epp Posted January 26, 2019 Share Posted January 26, 2019 12 hours ago, King34Maine said: Wikipedia is not exactly the best source of information FYI I disagree. Wiki is an amazing source of info, arguably none better. It's so detailed that often times information is misunderstood by the reader. statement in question: The bank traces its origins to the British Bank of the Middle East which was acquired by HSBC in 1959. In response to restrictions on foreign ownership of banks in Saudi Arabia, SABB was created in 1978 to manage HSBC branches and assets in the country. Link to comment Share on other sites More sharing options...
fiik Posted January 26, 2019 Share Posted January 26, 2019 Link to comment Share on other sites More sharing options...
Recommended Posts
Create an account or sign in to comment
You need to be a member in order to leave a comment
Create an account
Sign up for a new account in our community. It's easy!
Register a new accountSign in
Already have an account? Sign in here.
Sign In Now