Saudi British Bank agreed to sell a stake of approximately 2% in HSBC Saudi Arabia Ltd., or 1 million shares, to HSBC Asia Holdings BV for about 36 million riyals.
Following the sale, Saudi British Bank will own 49% of HSBC Saudi Arabia, while HSBC Asia Holdings will hold the remaining 51%.
As of April 19, US$1 was equivalent to 3.75 Saudi Arabian riyals.
