Banque Saudi Fransi (BSF) has received a notification from Credit Agricole Corporate and Investment Co. confirming that it has reached a binding agreement to sell a 16.2 percent stake in the Saudi lender to Kingdom Holding Co.
The sale was made on the same terms as previously announced and will have no impact on Banque Saudi Fransi's employees and clients, the Tadawul-listed lender said in a bourse statement.
On Sept. 11, Kingdom Holding Co. (KHC) said it concluded a deal with Credit Agricole CIB to buy 195.27 million shares in Banque Saudi Fransi, at a price of SAR 29.5 per share, for a total value of SAR 5.76 billion.
After completing the deal, the French investment bank’s stake in Banque Saudi Fransi will drop to 14.9 percent.
Comments
{{DisplayName}}
{{ElapsedTime}}