The establishment of Bank Al Bilad in Saudi Arabia

SuPerVISiON ANd eXAMiNAtiON SeCtOr OFFICe OF tHE DePUty gOVErnOr

CIRCULAR -LETTER

TO ALL BANKS

Subject: Arabia THE EStABLiSHMENt OF BANK Al BIlAd IN SAUdi

operations of Bank Al Bilad. The Bank was formed by a merger of eight (8) Money Exchange Companies that have effectively ceased operations. Governor of the Saudi Arabian Monetary Agency informing the Bangko Sentral ng Pilipinas of the commencement effective 5 May 2005, of the Attached is a self-expianatory letter dated 29 May 2005 of the

For informatior and guidance.

NEStOr A. aSPeNILLM JR

Deputy Governor

Att.: AS

2&.July 2005

PananALaPIng MAtataG, BANSAnG PAnAtAG

A. Mahini St., Malate 1004 Manila, Philippines o Trunktine (632) 524-70-11 URL:www.bsp.gov.ph * e-mail: [email protected]

Sauoi Arabian Alonetarp &gentp

HEAD OFFICE DEOTNEGOVERO Reritko Sunral ng Puyerws

The Governor Cinigelngtaesmile +632 536.0076 TATA 1ubji?v J 1? 48:14

No. 33/E/MZ/2005 JUN 1? M 29 May 2005

H.E. Mr. Rafael B. Buenaventura Governor B

A. Mabini corner Pablo Ocampo St. Central Bank of the Philippines f U Malate, Manila 1004 E E Your Excellency,

Subject: The Establishment of Bank Al Bilad in Saudi Arabia

This is to inform vou that in November 2004, SAMA has issued a banking license to Bank Al Bilad which has commenced its operations effective 5 May 2005 This bank was formed by a merger of 8 Money Exchange Companies that have now effectively ceased their operations. These are as follows:

Mohammad & Abdullah Al Subaie Co for Exchange Heirs of Abdulaziz Bin Suliman Al Mukairin

Al Rajhi Trading Establishment Al Rajhi Commercial Foreign Exchange

Mohammad Saleh Sayrafi Establishment Abdulmohsen Saleh Al Omary Establishment

Ali Hazaa & Co for Trading and Exchange Yousef Abdulwahab Numatallah Company

We are aware that these money changers were active in serving expatriates in the

like you to inform the banks in your country to take a note of this development and work towards a smooth transition of their relationships in the interest of their relationships between them and the banks in your country. For this reason, we would Kingdom, including from your country, and consequently there may have been banking

customers.

If you need any further information in this regard, please do not hesitate to contact us.

Best regards:

AfSA MAA

Hamad Al-Sayari

R-bD c D0yy-3sy- D6 2vOS~m 09 MsS ce0705 -0!

P.0.Box: 2992 Riyadh 11169 E-mail: [email protected] Tel: 463 3000 Fax: 463 3703