Saudi British Bank (SABB) has completed the sale of 1,000,000 shares in HSBC Saudi Arabia to HSBC Asia Holdings.
The sale represents 2% of the issued share capital of HSBC Saudi Arabia. As a result of completing the sale, SABB now owns 49% of the shares of HSBC Saudi Arabia. HSBC Asia Holdings will now own 51% of HSBC Saudi Arabia.
An associate of the HSBC Group, SABB legally merged with Alawwal bank in June 2019 to become the third largest bank in the Kingdom, based on assets. The integration of the two banks continues to make good progress, taking the best of both organisations to create the kingdom’s leading bank. – TradeArabia News Service