HSBC increases stake in Saudi British Bank to 31%
NatWest Markets plc and Banco Santander were sellers in this transaction
Dubai: HSBC Holdings plc (HSBC), via its wholly owned subsidiary, HSBC Holdings B.V (HHBV), has participated in the accelerated book build process launched on 30 November 2020 by NatWest Markets plc and Banco Santander. HHBV has as a result purchased shares which will, post completion of the purchase, increase its shareholding in The Saudi British Bank (SABB) from 29.2 per cent to 31 per cent.
“The transaction further emphasises our long term strategic commitment to both SABB and the Kingdom of Saudi Arabia,” HSBC said in a statement.
HSBC traces its origins in Saudi Arabia back almost 70 years, during which time it has been an active partner supporting the Kingdom’s economic growth and social development.