SABB branch
Saudi British Bank (SABB) completed, on Sept. 15, the sale and transfer of certain business lines from HSBC Saudi Arabia to Alawwal Invest Co.
The deal is valued at SAR 1.203.21 billion and is subject to post-completion adjustments, in accordance with the agreement between the buyer and seller, SABB said in a statement to Tadawul.
In May 2021, SABB said that its two affiliates signed a business transfer agreement related to the sale and purchase of some business lines, Argaam earlier reported.
The seller is HSBC Saudi Arabia, in which SABB owns 49%, and the buyer is Alawwal Invest, in which SABB owns 100%.
The business lines included in the sale and transfer are asset management, retail margin lending and retail brokerage, at an estimated value of SAR 766.5 million.
The deal will be either fully or partially funded by SABB, by way of shareholder loan and/or equity injection into the buyer. The net book value of the to-be-transferred businesses amounts to SAR 646.7 million.
HSBC Holdings plc - a substantial indirect shareholder of SABB, owning 31% - indirectly owns 51% of the seller.
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