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.
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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