HSBC Group becomes major shareholder of its #Saudi subsidiary | ZAWYA MENA Edition

HSBC Group becomes major shareholder of its Saudi subsidiary | ZAWYA MENA Edition:

HSBC Group has become a majority shareholder in its Saudi Arabian subsidiary by acquiring shares from the Saudi British Bank (SABB).

HSBC Saudi Arabia is now a 51 percent-owned (indirect) subsidiary of HSBC Holdings plc, a statement by HSBC said.

In April 2019, SABB announced that it has entered into a binding agreement with HSBC for the sale of 1 million shares in HSBC Saudi Arabia, representing 2 percent of the issued share capital of HSBC Saudi Arabia, for a total value of 36 million Saudi riyals.