Saudi British Bank’s (SABB) general assembly on Wednesday approved an agreement to acquire HSBC’s full stake of 32.5 percent in SABB Takaful Co., the Saudi-listed bank said in a bourse statement.
The agreement has a value of SAR 117.79 million at a price of SAR 10.66 per share.
The deal, which is a one-time transaction, is a related party transaction as some SABB’s board members have an indirect interest in those businesses, the statement added.
The decision is conditional upon obtaining required regulatory approvals.
Last month, The Saudi British Bank (SABB)has inked an agreement with HSBC Asia Holdings BV and other wholly-owned subsidiaries of HSBC Holdings plc to buy their combined 32.5 percent stake in SABB Takaful, Argaam reported.
Following the acquisition, SABB would own a 65 percent stake in the insurer.