Saudi British Bank (SABB) has sold its entire stake in Wataniya Insurance Co. to Private Wealth Investment Holding Co. for 80 million riyals ($21.3 million).

The agreement was signed on December 22, 2021. The sale comprises four million ordinary shares, representing 20 percent of Wataniya's share capital, the bank said in a bourse filing on Thursday.

The proceeds of the transaction will be used by the bank for general corporate purposes and does not involve any special conditions, SABB said.

The bank, which first mooted the sale in July, does not expect the transaction to result in a material impact on the bank or its operations.

(Reporting by Brinda Darasha; editing by Daniel Luiz)

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