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.
