HSBC Group acquires SABB’s two per cent stake in its Saudi unit

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In April 2019, SABB announced that it has entered into a binding agreement with HSBC for the sale of one million shares in HSBC Saudi Arabia, representing two per cent of the issued share capital of the lender’s Saudi unit.

Thursday 03, October 2019 BY KUDAKWASHE MUZORIWA

HSBC Asia Holdings has acquired Saudi British Bank’s (SABB) one million shares in HSBC Saudi Arabia for a total value of SAR 36 million.

In a bourse filing, SABB stated that following the completing of the transaction, the bank now holds a 49 per cent stake in HSBC Saudi Arabia while HSBC Asia Holdings is now the majority owner with 51 per cent.

TAGS : HSBC Asia Holdings, SABB

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