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Saudi British Bank completes 2% stake sale of HSBC Saudi Arabia

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Saudi British Bank completes 2% stake sale of HSBC Saudi Arabia

Saudi British Bank completed the sale of a 2% stake in HSBC Saudi Arabia Ltd. to HSBC Asia Holdings BV for 36 million riyals.

Following the transaction, HSBC Asia Holdings now holds 51% of HSBC Saudi Arabia, making it the new majority shareholder, while Saudi British Bank retains a 49% stake.

Saudi British Bank reached the agreement to sell the stake in April.

As of Oct. 2, US$1 was equivalent to 3.75 Saudi Arabian riyals.