Saudi Arabian lender Al-Rajhi Bank has received the regulatory nod to wrap up the acquisition of Ejada Systems Company.
Financial value of the deal, which is part of the lender’s “Bank of the Future” strategy launched in 2020, was not disclosed.
The acquired firm is an information technology services provider operating in the Kingdom of Saudi Arabia, the Middle East, and the North Africa region.
Its services include consulting, application management outsourcing and custom application development.
Al-Rajhi Bank CEO Waleed Al-Mogbel noted that the deal will aid in the development of products and services, especially in the digital banking space.
The acquisition is expected to accelerate Al-Rajhi Bank’s growth by supporting its products and services that are offered through retail, corporates, government agencies, and non-profit organisations.
Ejada’s acquisition is aimed at enhancing the bank’s technological capabilities to enable it to offer innovative offerings and keep up with the changing market.
Founded in 1957, Al Rajhi Bank is a Sharia-compliant banking group with nearly $155bn in assets.
It has a network of over 526 branches in Saudi Arabia.
Al-Rajhi Bank’s integrated financial solutions are delivered via its subsidiaries such as Al-Rajhi Capital, which operates in the capital markets.
It caters to the microfinance market and medium and small enterprises through Emkan.
Neoleap is Al-Rajhi Bank’s digital payments services provider for individuals and corporate clients.