Saudi Real Estate Refinance Company (SRC), which is wholly owned by Saudi Arabia’s Public Investment Fund (PIF), signed a housing-finance portfolio purchase agreement with Banque Saudi Fransi (BSF) on 26 September 2021. Arab News described it as the second such purchase between the two companies. The report did not disclose the portfolio’s value or detailed terms.
What SRC and Banque Saudi Fransi announced
Arab News reported that SRC signed the portfolio purchase with BSF on 26 September 2021. SRC said it expected the acquisition to provide long-term liquidity to the housing market. That is the company’s stated expectation; the announcement did not report a measured market effect.
The report called the agreement the second housing-finance portfolio purchase between SRC and BSF. It also noted that SRC had partnerships with other Saudi banks and real-estate finance companies. A separate SRC announcement in 2018 described an agreement with BSF to acquire part of the bank’s mortgage portfolio and provide funding for longer-term fixed-rate mortgages. These reports establish an ongoing relationship, but do not provide a complete chronology of every arrangement.
What the public report does—and does not—disclose
The 2021 report did not state the portfolio’s monetary value, the number of loans, borrower characteristics, purchase price or closing conditions. Those details cannot be inferred from the description of the transaction. In particular, figures reported for other SRC acquisitions should not be treated as the value of this BSF agreement.
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The announcement included statements from both companies. SRC chief executive Fabrice Susini said: “We have illustrated to primary originators in the Kingdom the crucial role we play in developing the housing market and supporting their businesses through liquidity and risk management solutions.” BSF managing director and CEO Rayan Fayez said: “SRC has played a vital role in ensuring that the Vision 2030 housing program objectives are being met and we expect ourselves to play a significant role in this by supporting them.” These are stakeholder characterizations, not independent evidence of the agreement’s results.
Why a mortgage portfolio purchase matters
SRC was established by PIF in 2017 to develop Saudi Arabia’s secondary mortgage market and inject liquidity into housing finance. In a typical portfolio transaction, a mortgage originator sells or transfers loans to a refinancing company, freeing liquidity or balance-sheet capacity that may support further lending. SRC’s current company profile describes providing liquidity or capital relief to banks and finance companies, and aggregating home-financing portfolios for mortgage-backed securities.
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That market context helps explain the intended purpose of the BSF agreement, but it does not establish how much liquidity the transaction generated or whether it changed mortgage availability, pricing or borrower outcomes. Later SRC securitization activity is separate context and should not be confused with the 2021 purchase.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.How to read the deal alongside SRC’s other activity
The 2021 BSF announcement is evidence of a reported transaction and a stated objective, not a detailed account of its financial structure. SRC announced a separate portfolio acquisition agreement with Saudi National Bank in 2025 for SAR 3.4 billion; that figure belongs to that distinct agreement, not to BSF’s portfolio.
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