Alawwal Invest enters into an agreement with HSBC Saudi Arabia related to the transfer of HSBC's asset management and retail businesses to AI

Alawwal Invest is a wholly owned subsidiary of SABB

  

Alawwal Invest has entered into an agreement to Transfer HSBC Saudi Arabia’s Asset Management, Retail Brokerage and Retail Margin Lending businesses (together, the “Transferring Businesses”).

Alawwal Invest is a wholly owned subsidiary of SABB.  HSBC Saudi Arabia is owned 51% by HSBC Group and 49% by SABB. HSBC Group is the single largest investor in SABB with a 31% shareholding.

The transfer of the businesses is expected to complete during 2022 Gregorian calendar year [1443 Hijri], subject to necessary approvals. All HSBC Saudi Arabia teams that are part of the Transferring Businesses and their supporting functions will also transfer to Alawwal Invest, ensuring customers have a seamless transition.

David Dew, SABB’s Managing Director, added “The transaction enables SABB to strategically widen our service offering to our large base of clients across the Kingdom. It takes us one step closer to fulfilling our commitment towards helping our customers achieve long-term value creation by giving them access to one of Saudi Arabia’s leading wealth and asset management platforms.”

Mazen Bunyan, Chief Executive Officer of Alawwal Invest, said “This transaction is truly transformational for Alawwal Invest. It will allow Alawwal Invest to acquire scale and significantly enhance its position in the asset management and retail brokerage businesses in the Kingdom. We look forward to welcoming HSBC Saudi Arabia’s customers, and the world-class teams servicing them, to the Alawwal Invest family.”

Alawwal Invest is a leading provider of Investment management solutions to private and institutional clients in Saudi Arabia. As a wholly-owned subsidiary of SABB, Alawwal Invest aims to provide its clients with a seamless experience across both the core banking and wealth management propositions, as well as access to Local or International Brokerage platforms, and a comprehensive range of world-class investment opportunities.

SABB is one of the largest banks in the Kingdom, with 1.54 million retail customers, and a 114 branch network. Its strategic relationship with HSBC gives SABB customers unique access to a global banking network.

-Ends-

About the Saudi British Bank (SABB):

The Saudi British Bank (SABB) is a licensed financial institution operating under The Saudi Central Bank "SAMA". supervision and control. SABB was established in 1978 as a Saudi joint stock company. SABB is an associate company of the HSBC Group.

SABB offers integrated financial and banking services including personal banking, corporate banking, investment, private banking and treasury. SABB paid-up capital is SAR 20.5 billion.

Send us your press releases to pressrelease.zawya@refinitiv.com

© Press Release 2021

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