HSBC Saudi Arabia has agreed 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).
The HSBC Group owns 51 percent of HSBC Saudi Arabia and the rest is owned by SABB. The HSBC Group is the single largest investor in SABB with a 31 percent shareholding. The transfer is expected to complete during 2022, subject to necessary approvals.
“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.
(Writing by Brinda Darasha; editing by Daniel Luiz)
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© ZAWYA 2021