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Saudi SRC signs $907mln deal to acquire mortgage portfolio from Saudi National Bank

The Saudi Real Estate Refinance Company (SRC) has signed a 3.4 billion riyals ($907 million) agreement with Saudi National Bank (SNB) to acquire a mortgage portfolio, in a deal in which the largest bank in the kingdom is able to free up its capital and the mortgage refinance provider drives forward its agenda to infuse liquidity into the system.
Saudi Real Estate Refinance Company (SRC) has signed a SAR 3.4 billion ($907 million) deal with Saudi National Bank (SNB) to acquire a portfolio of residential mortgage loans. This transaction, which is the largest of its kind in Saudi Arabia, aims to enhance liquidity in the real estate finance sector, promote home ownership, and support the growth of the mortgage market. The deal aligns with Saudi Vision 2030's objectives to increase home ownership rates and develop the financial sector. The agreement was signed by SRC's CEO Fabrice Susini and SNB's CEO Tareq Abdulrahman Al Sadhan, marking a significant step in SRC's strategy to expand its balance sheet and contribute to the stability and growth of the housing finance market in the Kingdom.

Read the Full Zawya Article at:
[ https://www.zawya.com/en/business/m-a/saudi-src-signs-907mln-deal-to-acquire-mortgage-portfolio-from-saudi-national-bank-h5qhvguf ]