Alinma Bank and Saudi PostSign Foreign Remittance Service Agreement

Alinma Bank and the Saudi Postal Corporation signed today (Monday 08/04/1434 – 18/02/2013) an agreement to provide foreign remittance services. The signing ceremony took place at the headquarters ofthe Saudi Postal Corporation in Riyadh in the presence of Dr. Mohammed Saleh Bin TaherBenten, President of the Saudi Postal Corporation, and Mr. Abdulmohsen Al-Fares, the CEO of Alinma Bank.

Following the signing ceremony, Dr. Benten said that this strategic relationship between the Saudi Postal Corporation and Alinma Bank came into existence after extensive and careful study that maximizedthe collective experience and knowledge of the two parties, especially that of Alinma Bank, one of the fastest growing banking institutions in the Kingdom.

This initiative achieves one of the most important strategies of the Saudi Postal Corporation,which enjoys a competitive advantage due to its membership in the International Postal Union, a global mailing financial network that exceeds the size of conventional banks and is spread across the world, coveringboth urban and rural areas in member states.

Dr. Benten explained that the service would be launched after the completion of automated systems through which the remittance service will be provided. Training of concerned personnel has completed. The pilot launch is expected within weeks and will be followed shortly by the commercial launch.

Mr. Abdulmohsen Al-Fares said that the cooperation agreement signed between Alinma Bank and the Saudi Postal Corporation wouldhelp improve the quality and efficiency of remittance services in the Kingdom. He noted thatAlinma was delighted to cooperate with the Saudi Postal Corporation in this regard. He added that Alinma Bank has invested in building integrated automated systems for this project and has also prepared a comprehensive plan for training in coordination with the two parties. Additionally, the bank has equipped and prepared dedicated branches for remittance services, which will be launched soon. He concluded by saying that Alinma was optimistic that the agreement would contribute to enhancing the role of the bank and the Saudi Postal Corporation in the financial services sector in the Kingdom.