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HSBC Group has become a majority shareholder in its Saudi Arabian subsidiary by acquiring shares from the Saudi British Bank (SABB).
HSBC Saudi Arabia is now a 51 percent-owned (indirect) subsidiary of HSBC Holdings plc, a statement by HSBC said.
In April 2019, SABB announced that it has entered into a binding agreement with HSBC for the sale of 1 million shares in HSBC Saudi Arabia, representing 2 percent of the issued share capital of HSBC Saudi Arabia, for a total value of 36 million Saudi riyals.
SABB told Tadawul today that that all conditions related to the transaction have been satisfied and that the transaction has been completed on 1 October, 2019. SABB now holds 49 percent of HSBC Saudi Arabia’s shares.
“HSBC Saudi Arabia is well positioned to capture value and new opportunities in a country poised to benefit from one of the world’s most ambitious economic transformation programmes,” the HSBC statement said.
(Writing by Gerard Aoun, editing by Seban Scaria)
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© ZAWYA 2019
