SABB completes 2% stake transaction in HSBC Saudi Arabia for SAR 36 mln

The Saudi British Bank (SABB) has completed the transaction to sell 1 million shares in HSBC Saudi Arabia, representing 2 percent of the issued share capital, for a total value of SAR 36 million to HSBC Asia Holdings.

Following the completion of the transaction on Oct.1, 2019, SABB has become the owner of 49 percent shares of HSBC Saudi Arabia and HSBC Asia Holdings now owns 51 percent of the shares.

The transaction will be reflected as a profit in the financial records of SABB for the period in which it is completed, the bank said in a bourse statement.

Last April, SABB announced it has entered into a binding agreement with HSBC Asia Holdings to sell 2 percent of the issued capital of HSBC Saudi Arabia.