ANB has introduced Cash Express, the first prepaid petty cash card in the Kingdom allowing clients to replace their current cash-based petty cash handling methods with a secure and efficient electronic card-based payment option.
It also facilitates expense management and considerably eliminates the risks and costs associated with carrying cash or keeping cash on business premises, said Nizar Al-Twaijiri deputy head of corporate bank at ANB.
ANBS combines the current brake control business of Autoliv with a 'carve-out' of Nissin Kogyo's automotive braking business.
ANBS will become a part of Autoliv's Electronics business segment (consisting of passive safety electronics products, ADAS products and brake control systems).
Autoliv will consolidate 100% of ANBS in its financial statements.
ANBS sales and operating margin for the nine-month period April 2016 to December 2016 is expected to be slightly lower than initially communicated, sales are now expected to be in the range of USD400m to USD450m for the same nine month period.