SICO BSC (c), a leading regional asset manager, broker, market maker and investment bank (licensed as a wholesale bank by the CBB), announced today that it has signed an agreement with Bank Muscat to acquire the remaining 27.29% stake held by Bank Muscat in SICO Capital, a Saudi based  full-fledged capital markets services provider.

The acquisition value for the remaining stake in SICO Capital is estimated to be approximately BD 1.9 million, based on its net book value as of 31 March 2022, and will paid in cash. The transaction closure will be subject to receiving all the required regulatory approvals.

SICO acquired a majority stake amounting to 72.7% in the Saudi-based wholly-owned subsidiary of Bank Muscat in 2021 via a share swap and successfully rebranded it to SICO Capital post the acquisition. Bank Muscat is a shareholder of SICO and currently owns 10.38% of the Bank.

Once the transaction is completed, SICO Capital will become a fully owned subsidiary of SICO. This move is aligned with SICO’s commitment to the Kingdom of Saudi Arabia and will enable the Bank to achieve its strategic objectives, further enhancing its role as a regional investment bank.

SICO Capital is a full-service investment banking firm based in Riyadh, Saudi Arabia, that offers a comprehensive range of financial services to individual, institutional, and corporate clients. With multiple licenses by the Saudi Capital Markets Authority including asset management, investment banking, and brokerage, the company offers SICO an ideal platform to offer a diversified suite of services to a wider client base in Saudi Arabia, the region’s largest capital market.

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About SICO

SICO is a leading regional asset manager, broker, market maker and investment bank, with USD 4.5 bn in assets under management (AUM). Today SICO operates under a wholesale banking licence from the Central Bank of Bahrain and also oversees two wholly owned subsidiaries: an Abu Dhabi-based brokerage firm, SICO Financial Brokerage, a specialised regional custody house, SICO Fund Services Company (SFS). SICO also oversees a majority-owned subsidiary, SICO Capital, a Saudi-based investment banking company. Headquartered in the Kingdom of Bahrain with a growing regional and international presence, SICO has a well-established track record as a trusted regional bank offering a comprehensive suite of financial solutions, including asset management, brokerage, investment banking, and market making, backed by a robust and experienced research team that provides regional insight and analysis of more than 90 percent of the region’s major equities. Since inception in 1995, SICO has consistently outperformed the market and developed a solid base of institutional clients. Going forward, the bank’s continued growth will be guided by its commitments to strong corporate governance and developing trusting relationships with its clients. The bank will also continue to invest in its information technology capabilities and the human capital of its 100 exceptional employees.

Media Contact:
Ms. Nadeen Oweis
Head of Corporate Communications, SICO
Email: noweis@sicobank.com