alrajhi bank obtains the necessary approvals to complete the acquisition of Ejada Systems Company
16 January 2022
As an extension of its strategy that was launched in 2020 “Bank of the Future”, Al-Rajhi Bank obtains the necessary approvals to complete the acquisition of Ejada Systems Company. As a result, the bank has fully acquired the company after obtaining the required approvals from relevant regulatory entities. Commenting on the transaction, Mr. Waleed Al-Mogbel, Chief Executive Officer of the bank clarified that the deal will contribute to the development of products and services provided to customers, especially in the digital banking services. The initiative will support the bank’s continued leadership and superiority in terms of the products and services provided to its customers from retail, corporates, government agencies, and non-profit organizations, which in return contributes to the stability and acceleration of the growth in the bank’s business and its results. Through this transaction in the information technology sector, the bank aims to develop its technological capabilities with the latest technologies that will contribute to its digital transformation in order to provide the best financial solutions, and meet customers’ expectations through innovative products that keep pace with their changing needs. The bank, through its new identity “Unbank the Bank”, relies on providing integrated financial solutions to its customers through its offerings and subsidiaries such as Al-Rajhi Capital which provides services in the capital markets, Emkan which provides services in the fields of microfinance, and medium and small enterprises, and Neoleap which provides services in the field of digital payment solutions for individuals and corporates. This acquisition will have a positive impact on the bank’s operations and the company at the same time, by relying on the expertise and workforce of the company that has marked its position in the information technology sector as one of the leading Saudi companies. It is noteworthy that Ejada is a leading information technology services provider in the Middle East and North Africa, providing its clients with the ability to maintain and increase its competitiveness through innovative technical solutions. The company delivers distinctive solutions by combining a local specialized talents and global strategic technology partnerships. Today, it is considered among the top providers that serves the Kingdom of Saudi Arabia, Middle East and North Africa region, and ranked first in multiple areas including consulting, application management outsourcing, and custom application development.