|02 October, 2019

HSBC Saudi Arabia becomes 51% owned subsidiary of HSBC

HSBC Saudi Arabia is now an indirect 51% owned subsidiary of HSBC Holdings plc. SABB remains as the other shareholder in HSBC Saudi Arabia

HSBC Group has announced today that the transaction to increase its shareholding in HSBC Saudi Arabia to 51% from 49% by acquiring shares from The Saudi British Bank (SABB) has been completed.

HSBC Saudi Arabia is now an indirect 51% owned subsidiary of HSBC Holdings plc. SABB remains as the other shareholder in HSBC Saudi Arabia.

HSBC Saudi Arabia is well positioned to capture value and new opportunities in a country poised to benefit from one of the world’s most ambitious economic transformation programmes.

HSBC traces its origins in Saudi Arabia back almost 70 years, during which time it has been an active partner supporting the Kingdom’s economic growth and social development.

HSBC Group, through its subsidiary and affiliate operations, is the leading international banking and financial services provider in the Kingdom.

Media enquiries to:                                                                                                            
Nick Edwards                               
+971 54 309 6285                      

HSBC Holdings plc

HSBC Holdings plc, the parent company of the HSBC Group, is headquartered in London. The Group serves customers worldwide from around 3,900 offices in 66 countries and territories in Europe, Asia, North and Latin America, and the Middle East and North Africa. With assets of US$2,558bn at 31 December 2018, HSBC is one of the world’s largest banking and financial services organisations.

HSBC Saudi Arabia

HSBC Saudi Arabia (HSBC SA) was established in 2006 as a Limited Liability Company (“LLC”) headquartered in Riyadh in the Kingdom of Saudi Arabia (“KSA”) to provide a wide range of investment banking services and products and is licenced and regulated by Saudi Arabia’s Capital Market Authority (“CMA”). HSBC SA was converted from an LLC to a closed joint stock company (“CJSC”) in 2017.

© Press Release 2019

Disclaimer: The contents of this press release was provided from an external third party provider. This website is not responsible for, and does not control, such external content. This content is provided on an “as is” and “as available” basis and has not been edited in any way. Neither this website nor our affiliates guarantee the accuracy of or endorse the views or opinions expressed in this press release.

The press release is provided for informational purposes only. The content does not provide tax, legal or investment advice or opinion regarding the suitability, value or profitability of any particular security, portfolio or investment strategy. Neither this website nor our affiliates shall be liable for any errors or inaccuracies in the content, or for any actions taken by you in reliance thereon. You expressly agree that your use of the information within this article is at your sole risk.

To the fullest extent permitted by applicable law, this website, its parent company, its subsidiaries, its affiliates and the respective shareholders, directors, officers, employees, agents, advertisers, content providers and licensors will not be liable (jointly or severally) to you for any direct, indirect, consequential, special, incidental, punitive or exemplary damages, including without limitation, lost profits, lost savings and lost revenues, whether in negligence, tort, contract or any other theory of liability, even if the parties have been advised of the possibility or could have foreseen any such damages.

More From Press Releases