HSBC Saudi Arabia is sharpening its focus on the investment banking, institutional brokerage and custody needs of its clients with an agreement to transfer its asset management, retail brokerage and retail margin lending businesses to Alawwal Invest, a wholly owned subsidiary of the Saudi British Bank (SABB).
“This transaction will allow HSBC Saudi Arabia to focus its resources on its market-leading investment banking, institutional brokerage and custody businesses, which serve domestic as well as international corporate and institutional clients in the Kingdom,” said Stephen Moss, HSBC Group’s Chief Executive for the Middle East, North Africa and Turkey (MENAT) region.
The HSBC Group owns 51% of HSBC Saudi Arabia, with 49% owned by SABB. The HSBC Group is the single largest investor in SABB with a 31% shareholding. The transaction is expected to complete during the 2022 Gregorian calendar year (1443H), subject to necessary approvals.
HSBC Saudi Arabia provides investment banking services to the full spectrum of corporate and institutional clients in both the private and government sectors, including public companies; private companies and establishments; funds; government agencies; and family businesses and offices.
HSBC Saudi Arabia is consistently ranked at the top of industry league tables across a range of products and is regularly recognised at industry awards for the support it provides to clients and for its contribution to the development of Saudi Arabia’s capital markets.
“As the Kingdom of Saudi Arabia marks the five-year anniversary of its Vision 2030 programme, we want to ensure HSBC Saudi Arabia is focused on connecting our corporate and institutional clients to the vast opportunities that arise from one of the world’s most ambitious economic transformation programmes, while ensuring that our current retail and asset management clients will benefit from a transfer into one of the Kingdom’s leading domestic banking platforms,” said Rajiv Shukla, Chief Executive Officer of HSBC Saudi Arabia.
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Media enquiries to:
HSBC
Nick Edwards
+971 54 309 6285
nick.a.edwards@hsbc.com
About HSBC in the MENAT region:
HSBC is the largest and most widely represented international bank in the Middle East, North Africa and Turkey (MENAT), with a presence in nine countries across the region: Algeria, Bahrain, Egypt, Kuwait, Oman, Qatar, Saudi Arabia, Turkey and the United Arab Emirates. In Saudi Arabia, HSBC is a 31% shareholder of Saudi British Bank (SABB), and a 51% shareholder of HSBC Saudi Arabia for investment banking in the Kingdom. Across MENAT, HSBC had assets of US$68.9bn as at 31 December 2020.
© Press Release 2021
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