deutsche-to-sell-saudi-swap-agreements

Deutsche to sell Saudi swap agreements

The German bank plans to sell shares on the Saudi stock exchange following a relaxation of foreign-ownership rules.
Deutsche Bank says it will begin selling foreign investor shares on the Saudi stock exchange through swap agreements, which will allow foreign investors direct access to the Middle EastÆs largest economy.

According to Saudi ArabiaÆs Capital Market Authority CMA, non-resident foreigners will be allowed to purchase swap agreements on the Saudi stock exchange known as the Tadawul from authorised entities, though a definitive date for the start of trading was not provided. The authorised entities, nine specified brokerages including Deutsche, will own the shares but pass the profits on to the investor through a swap agreement. Deutsche would not comment on the mechanism of its swap agreements.

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