On 1st October, SABB completed on the sale of 1,000,000 shares in HSBC Saudi Arabia to HSBC Asia Holdings B.V. 

The sale represents 2% of the issued share capital of HSBC Saudi Arabia. As a result of completing the sale, SABB now owns of 49% of the shares of HSBC Saudi Arabia. HSBC Asia Holdings B.V. will now own 51% of HSBC Saudi Arabia.

An associate of the HSBC Group, SABB legally merged with Alawwal bank in June 2019 to become the third largest bank in the Kingdom based on assets.  The integration of the two banks continues to make good progress, taking the best of both organisations to create the Kingdom’s leading bank.

-Ends-

© Press Release 2019

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.