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Tuesday, 8 November 2016

Exclusive: Credit Suisse hired to sell RBS's Saudi Hollandi Bank stake - sources | Reuters

Exclusive: Credit Suisse hired to sell RBS's Saudi Hollandi Bank stake - sources | Reuters:
"Credit Suisse has been appointed to sell Royal Bank of Scotland's (RBS.L) 40 percent stake in Saudi Hollandi Bank 1040.SE, sources aware of the matter said on Tuesday, in a deal potentially worth around $1.2 billion.

Several sources said Saudi Arabia's sovereign wealth fund, the Public Investment Fund (PIF), was considered a likely buyer of the stake. The fund has been buying up assets at home and abroad following plans to turn it into the world's largest sovereign wealth fund with $2 trillion of assets.

The sale would be an opportunity for a foreign buyer to gain a foothold in the kingdom's banking sector, in which 12 commercial lenders share total assets worth around 2.22 trillion riyals ($592 billion). But banking sources expect the holding to go to a domestic player."

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