Banque Saudi Fransi’s (BSF) operations will not be affected by Kingdom Holding Co.’s acquisition of a 16.2 percent stake in the lender, Chairman Sulaiman Abdulrahman Algwaiz told Argaam.
Both parties of the deal – Kingdom Holding and Credit Agricole Corporate & Investment Bank (Credit Agricole CIB) – are shareholders in BSF, and one aims to invest while the other wants to restructure its portfolio, he said.
BSF is financially independent, and its management works for the best interest of all shareholders, he added.
Kingdom Holding on Monday concluded a deal with Credit Agricole CIB to buy 195.27 million shares of Banque Saudi Fransi, representing a 16.2 percent stake in the lender.
The shares will be acquired at a price of SAR 29.5 per share, for a total value of SAR 5.76 billion.
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