DUBAI- Natwest Markets and Banco Santander plan to sell a combined 5.6% of shares in Saudi British Bank representing about $680 million worth of shares, a term sheet reviewed by Reuters showed. HSBC Holdings and Olayan Saudi Investment Co, current shareholders in Saudi British Bank, have indicated their intention to purchase part of the shares being placed, the term sheet said.
HSBC is looking to buy 36.986 million shares and Olayan 42.37 million shares out of the 116 million shares being placed in the share offering, the term sheet showed.
HSBC currently owns a 29.2% stake in Saudi British Bank and the Olayan family, a leading Saudi business group, has around 18.3% stake, based on Refinitiv data.
In 2018, Saudi British Bank and smaller rival Alawwal Bank agreed to merge to create the country's third-biggest lender.
The term sheet showed Citigroup and Goldman Sachs as joint bookrunners for the share sale.
The two banks in September had handled a 1.5% stake sale by Natwest and Banco Santander in September.
HSBC, Citi, Goldman Sachs and Olayan were not immediately available for comment. Santander and Natwest could not immediately be reached for comment.
(Reporting by Saeed Azhar and Arno Schuetze, editing by Louise Heavens and Jane Merriman) ((Saeed.Azhar@thomsonreuters.com; +971 44536787; Reuters Messaging: firstname.lastname@example.org))