HSBC Saudi Arabia now majority owned by HSBC
The bank completes acquisition of shares from SABB
Image Credit: Bloomberg
Dubai: HSBC Group has announced today that the transaction to increase its shareholding in HSBC Saudi Arabia to 51 per cent from 49 per cent by acquiring shares from The Saudi British Bank (SABB) has been completed.
HSBC Saudi Arabia is now an indirect 51 per cent owned subsidiary of HSBC Holdings plc. SABB remains as the other shareholder in HSBC Saudi Arabia.
“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,” HSBC said in a statement.